The markets opened higher due to positive news on the inflation front. The Dow rose 63 points to 12,894 while Nasdaq surged 18 points to 2513.
On the upside
Clear Channel Communications (NYSE: CCU) reached an agreement with lenders that clear the way for a lower-priced $17.9 billion buy-out of the radio and outdoor advertising company by private equity firms.Shares of Freddie Mac (NYSE: FRE) rose after the mortgage finance company posted a wider loss, but the results were better than expected. The company also announced plans to raise $5.5 billion to shore up its balance sheet.
China-based ReneSola (NYSE: SOL) reported revenues that beat targets and signed a 6-year agreement to supply solar wafers to Gintech Energy.
On the downside
Shares of Whole Foods Market (Nasdaq: WFMI) fell after the organic foods retailer posted lower profits that missed expectations.
Fast food chain Jack in the Box (NYSE: JBX) posted a small drop in 2nd quarter profits blaming higher food and operating costs.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 738.
