The markets extended its gains during the midday as more House members switched their previous "no" votes on the $700 billion bailout package to "yes." The Dow leaped 252 points to 10,735 while Nasdaq soared 58 points to 2035.
On the upside
Morgan Keegan initiated coverage of Huntington Bancshares (Nasdaq: HBAN) with a Market Perform rating.
Shares of JA Solar Holdings (Nasdaq: JASO) climbed after the Senate extended tax credits for renewable energy as part of the $700 billion bailout package.
Optimism that the House will pass the $700 billion bailout package today lifted shares of National City (NYSE: NCC). Yesterday, the company announced a dividend of a penny per common share and 61.71875 cents per share of Series F preferred stock both payable on November 3 to shareholders of record on October 13.
On the downside
Janney Montgomery Scott analyst Stephanie Krewson downgraded First Industrial Realty Trust (NYSE: FR) after the company slashed its full year outlook.
Aracruz Celulose (NYSE: ARA) warned of a foreign exchange derivatives loss of $951 million.
Shares of MGM Mirage (NYSE: MGM), Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NYSE: WYNN), which all have operations in Macau, dropped after a Hong Kong newspaper reported that China added visa restrictions for visitors to Macau.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 647.
