The markets retreated from earlier highs but managed to close in the positive as oil prices continued to slip and investors digested Lehman Brothers' plan to raise much needed capital. The Dow gained 38 points to 11,269 while Nasdaq climbed 19 points to 2229.
On the upside
A Wall Street Journal article said that Micron Technology (NYSE: MU) is poised to increase it market share.
Stanford Research upgraded Ultra Petroleum (NYSE: UPL).
On the downside
Photon Dynamics (Nasdaq: PHTN) said that it is awaiting clearance for its merger with Orbotech from the Committee on Foreign Investment in the U.S. The committee has until September 29 to respond.
Keefe, Bruyette & Woods downgraded Fifth Third Bancorp (NYSE: FITB).
Concerns about the health of the financial services sector weighed down shares of Citigroup (NYSE: C), Bank of America (NYSE: BAC), and Wachovia (NYSE: WB).
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 10 points to 717.
