The Institute for Supply Management's manufacturing index surprised analysts by increasing in October to lift the markets to a higher open with the Dow climbing 97 points to 11,216. Nasdaq gained 17 points to 2524.
On the upside
EXCO Resources (NYSE: XCO) chairman and chief executive Douglas Miller offered to take the oil and natural gas company private in a deal valued at approximately $4.6 billion.
The Food and Drug Administration approved Avanir's (Nasdaq: AVNR) Neudexta as the first and only approved treatment for pseudobulbar affect.
The Teamsters ratified a modified labor agreement with YRC Worldwide (Nasdaq: YRCW) that will reduce costs and improve service.
On the downside
The Food and Drug Administration issued a complete response letter to Biodel (Nasdaq: BIOD) requesting two additional late stage clinical trials of its diabetes treatment Linjeta.
Wilmington Trust (NYSE: WL) agreed to be acquired by M&T Bank (NYSE: MTB) after reporting significant losses for the third quarter.
Anadigics (Nasdaq: ANAD) swung to a better than expected profit for the third quarter but the company forecast fourth quarter revenue below estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 710.
