Investors Embrace Euro Bailout Fund Increase

Investors welcomed news that the European bailout fund would increase to 1 trillion euros by boosting the markets to a sharply higher close with the Dow rocketing 339 points to 12,208. Nasdaq leaped 87 points to 2738.

On the upside

Morgan Stanley (NYSE: MS) increased it senior unsecured notes by $1 billion.

Cemex (NYSE: CX) reported higher third quarter earnings and revenue.

The Bedford Report expects Suntech Power (NYSE: STP) to benefit from the European bailout fund agreement.

On the downside

BMC Software (Nasdaq: BMC) reported lower second quarter earnings and cut its full year guidance.

EQT (NYSE: EQT) reported higher third quarter earnings and revenue but the company failed to clarify plans for its pipeline operations.

Berry Petroleum (NYSE: BRY) reversed year ago losses to post a profit for the third quarter but the stock price dropped.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 9 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 38 points to 765.

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