Retreating oil prices and comments by Federal Reserve Chairman Ben Bernanke that the central bank will preserve price stability sent the markets surging during the midday with the Dow leaping 134 points to 11,564. Nasdaq soared 19 points to 2400.
On the upside
Brean Murray Carret & Co. analyst Joanna Makris upgraded Blue Coat Systems (Nasdaq: BCSI) after the company reported first quarter results that met expectations.
China Sunergy (Nasdaq: CSUN) reversed year ago losses to report a profit for the second quarter as revenue surged.
Yingli Green Energy Holding (NYSE: YGE) announced plans to build a 10-megawatt solar power plant near Beijing, China.
On the downside
Moody's Investors Service downgraded Fannie Mae's (NYSE: FNM) and Freddie Mac's (NYSE: FRE) preferred stock and financial strength ratings.
Although Avanex (Nasdaq: AVNXD) swung to a profit for the fourth quarter, results fell short of estimates and the fiber optics company forecast first quarter revenue below expectations.
Perry Ellis International (Nasdaq: PERY) blamed higher expenses and lower sales for swinging to a loss for the second quarter and lowered its profit outlook for 2009.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 730.
