Markets Recover To Close Higher

The markets recovered in late afternoon trading to close modeslty higher despite significant losses among banking giants Bank of America and Citigroup. The Dow climbed 69 points to 8281 while Nasdaq surged 17 points to 1529.

On the upside

Rumors circulated that Micron Technology (NYSE: MU) is exploring a possible merger with Taiwanese firms Nanya Technology or Inotera Memories in an effort to tap bailout money from the Taiwanese government.

The $7.4 billion acquisition of Puget Energy (NYSE: PSD) by Puget Holdings will close on February 6, 2009.

Despite sharply lower fourth quarter earnings as revenue tumbled, shares of Intel (Nasdaq: INTC) rose over optimism that the chip maker will rebound.

On the downside

Shares of Allied Irish Banks (NYSE: AIB) tumbled after the Irish government announced the nationalization of Anglo Irish Bank.

Belden (NYSE: BDC) lowered its fiscal 2008 guidance as demand softened.

Webster Bank (NYSE: WBS) announced that it will record $130 million in non-cash charges for the fourth quarter as well as $100 million for loan loss provisions.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 4 points to 466.
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