The major indexes opened sharply higher after the Federal Reserve announed plans to pump $200 billion into the credit market. The Dow soared 226 points to 11,966 while Nasdaq leaped 46 points to 2216.
On the upside
Financial advisory firm Duff & Phelps (NYSE: DUF) posted higher revenues and a loss that still beat estimates.
Shares of Commercial Vehicle Group (Nasdaq: CVGI) climbed after an analyst raaised his opinion on the truck parts supplier.
On the downside
Texas Instruments (NYSE: TXN) lowered its 1st quarter outlook following order cuts from a key customer. Analysts promptly downgraded the stock.
Health insurance provider WellPoint (NYSE: WLP) lowered its 2008 profit outlook. Its stock promptly tumbled on heavy volume along with shares of rivals Aetna (NYSE: AET), Humana (NYSE: HUM) and UnitedHealth Group (NYSE: UNH).
Shares of soda maker Jones Soda (Nasdaq: JSDA) sagged after the company posted a sharp drop in revenues and a loss citing higher slotting fees to place its products on shelves.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 17 points to 661.