Investors Regain Confidence, Markets Close Sharply Higher

The markets rallied with the Dow soaring 143 points to 11,320 after analyst comments restored confidence in the financial services sector. Nasdaq climbed 21 points to 2467.

On the upside

Peregrine Pharmaceuticals (Nasdaq: PPHM) reported upbeat results from a Phase II clinical trial of its advanced breast cancer treatment bavituximab combined with docetaxel.

The Butter Group partnered with Mirage Hotel & Casino, which is owned by MGM (NYSE: MGM), to open the one-of-a-kind nightlife experience 10AK.

Aspen Technology (Nasdaq: AZPN) reversed year ago losses to post a better than expected profit for the fourth quarter.


On the downside

Inphi (NYSE: IPHI) blamed a slowdown in orders and delays in shipments for slashing its third quarter guidance.

Globe Specialty Metals (Nasdaq: GSM) reported higher fourth quarter earnings but the results fell short of analyst expectations.

A drop in silver prices weighed down shares of Endeavour Silver (NYSE: EXK).

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 692.
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