Hopes For Bank Rescue Plan Lifts Markets Higher

Optimism that the government's rescue plan for banks will suspend the recognition of losses lifted the markets to a higher close with the Dow soaring 106 points to 8063. Nasdaq leaped 31 points to 1546.

On the upside

Fourth quarter funds from operations rose for Brookfield Properties (Nasdaq: BPO) to beat expectations and the real estate investment firm forecast 2009 results ahead of estimates.

International Flavors & Fragrances (NYSE: IFF) reported higher fourth quarter earnings that surpassed expectations.

Although Alpha Natural Resources (NYSE: ANR) swung to a loss for the fourth quarter, revenue rose.

On the downside

Hecla Mining (NYSE: HL) entered a $65.6 million underwriting agreement in order to repay debt.

NCR (NYSE: NCR) blamed reorganization and legal expenses for lower fourth quarter earnings.

Harman International (NYSE: HAR) swung to a second quarter loss that fell far short of expectations as demand dropped. The manufacturer will eliminate another 1,100 jobs.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 455.