The markets surged to close sharply higher with the Dow soaring 142 points to 11,059 despite the Federal Reserve's decision to hold interest rates steady as crude oil retreated and consumer prices eased. Nasdaq jumped 28 points to 2208.
On the upside
Revlon (NYSE: REV) completed its 1-for-10 reverse stock split.
Retreating oil prices lifted shares of Deltal Air Lines (NYSE: DAL), Northwest Airline (NYSE: NWA) and American Airlines parent AMR (NYSE: AMR).
On the downside
After competitor Sanlu Group was forced to recall its tainted infant formula in China, shares of Synutra International (Nasdaq: SYUT) plummeted over concerns that its formula also contains the chemical melamine.
Although Constellation Energy (NYSE: CEG) reassured investors that the Lehman Brothers bankruptcy will have no adverse effects on the utility, investors were concerned that banks may withdraw its credit lines.
The Federal Reserve's decision to leave interest rates unchanged weighed down shares of Home Depot (NYSE: HD).
In the broad market, declining issues outpaced advancers by a margin of 6 to 5 on the NYSE while advancers outpaced decliners by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 21 points to 711.
