No Additional Stimulus From Fed, Markets Close Mixed
The markets retreated from earlier highs to close mixed with the Dow rising 46 points to 12,460 after Federal Reserve Chairman Ben Bernanke failed to offer additional economic stimulus measures. Nasdaq fell 13 points to 2831.
On the upside
Wunderlich Securities initiated coverage of Kodiak Oil & Gas (NYSE: KOG) with a Buy rating.
A Seeking Alpha contributor listed Zalicus (Nasdaq: ZLCS) as one of five biotechnology stocks expected to advance.
Yelp (Nasdaq: YELP) introduced its online business opinion service in Finland.
On the downside
The Food and Drug Administration approved Xenoport's (Nasdaq: XNPT) and GlaxoSmithKline's (NYSE: GSK) Horizant to treat post-shingles nerve pain but the stock prices of both drug companies fell.
Ubiquiti Networks (Nasdaq: UBNT) introduced its AirMax Titanium base station product portfolio but the stock price fell.
Shares of Centene (NYSE: CNC) fell after rival insurer Molina Healthcare (NYSE: MOH) withdrew its full year outlook.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 768.