Fed Stimulus Hopes Boost Markets
Hope for additional stimulus measures by the Federal Reserve lifted the markets to a higher close with the Dow gaining 78 points to 13,248. Nasdaq surged 35 points to 3022.
On the upside
Reports circulated that Sprint (NYSE: S) engaged in discussions to acquire Clearwire (Nasdaq: CLWR).
A Seeking Alpha contributor sees upside potential to Molycorp (NYSE: MCP) in the near term.
Delta Air Lines (NYSE: DAL) paid approximately $360 million to acquire a 49% stake in Virgin Atlantic.
On the downside
J. P. Morgan downgraded Family Dollar Stores (NYSE: FDO) to a Neutral rating.
Craig Hallum and Needham initiated coverage of Ruckus Wireless (NYSE: RKUS) with Buy ratings but the stock price dropped.
Profit taking sank shares of CombiMatrix (Nasdaq: CBMX).
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index added 9 points to 1427.
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