The markets stabilized as bargain hunters looked for oversold stocks. Meanwhile, gasoline prices fell below $2 a gallon. The Dow rose 77 points to 7629 while Nasdaq jumped 21 points to 1334.
On the upside
Citigroup (NYSE: C) announced plans to sell pieces of itself or in a whole. The stock edged higher after sinking below $5 a share yesterday.
Bank of New York Mellon (NYSE: BK) announced plans to cut 1800 jobs or 4% of its workforce in order to cut expenses.
Wal-Mart Stores (NYSE: WMT) named a successor to Lee Scott, the company CEO. Mike Duke is currently head of its international division.
On the downside
Shares of Foot Locker (NYSE: FL) lost their footing after missing 3rd quarter profits expectations while the outlook for the shoe and apparel company dimmed.
Design software maker Autodesk (Nasdaq: ADSK) projected lower 4th quarter earnings versus year-ago levels.
Chemical maker Celanese (NYSE: CE) withdrew its guidance for the year due to weak global demand, particularly in Asia. Analysts promptly downgraded the stock.
In the broad market, advancing issues outpaced decliner by a margin
of more than 5 to 3 on the NYSE and by 5 to 4 on Nasdaq. The
Russell 2000 which tracks small cap stocks added a point to 386.