The markets advanced during the midday even as manufacturing activity tumbled to a 26-year low. The Dow gained 47 points to 9372 while Nasdaq climbed 16 points to 1737.
On the upside
Last week, StemCells (Nasdaq: STEM) announced that transplanting its proprietary human neural stem cells into patients with retinal degeneration can prevent the loss of vision.
DryShips (Nasdaq: DRYS) reported sharply higher third quarter earnings due to higher revenue and capital gains from the sale of two vessels.
Chinese solar wafer maker ReneSola (NYSE: SOL) will receive additional credit lines from two of China's largest banks.
On the downside
National City (NYSE: NCC) chief executive Peter Raskind announced that he will not join PNC Financial Services Group (NYSE: PNC) as a vice chairman after the companies merge.
Although Ness Technologies (Nasdaq: NSTC) reported sharply higher third quarter income, the results fell short of expectations.
Indian car maker Tata Motors (NYSE: TTM) blamed declining sales and foreign currency losses for a drop in second quarter earnings.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added 5 points to 542.
