Australian Rate Hike Sparks Investor Optimism

Australian rate hike sparked investor optimism of economic recovery sending the Dow soaring 109 points to 9708. Nasdaq surged 26 points to 2095.

On the upside

NutriSystem (Nasdaq: NTRI) announced that its 14-Day introductory weight loss program will be available at Wal-Mart (NYSE: WMT) stores nationwide.

Despite disappointing results from one late stage clinical trial, Acadia Pharmaceuticals (Nasdaq: ACAD) and Biovail will continue development of its Parkinson's disease drug pimavanserin.

Yamana Gold (NYSE: AUY) announced that estimated production for the third quarter has risen over the first and second quarters of the year.

On the downside

MannKind (Nasdaq: MNKD) blamed regulatory delays for announcing that it inhalable insulin product Afresca will not be available at the end of the year.

Jefferies & Co. analyst George Notter downgraded Arris Group (Nasdaq: ARRS) saying that revenue and profit will be hurt by major client Comcast's transition to a new technology.

Verenium (Nasdaq: VRNMD) priced its offering of 2.25 million shares of common stock at $6 per share.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 600.

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