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Upbeat Earnings Lift Markets To Higher Close
Posted on July 17, 2012 at 18:30 PM EDT
The markets closed higher with the Dow gaining 78 points to 12,805 as upbeat corporate earnings tempered disappointment that Federal Reserve Chairman failed to lower interest rates. Nasdaq climbed 13 points to 2910.
On the upside
Shares of Sprint Nextel (NYSE: S) continued rising after launching its new 4G LTE wireless data network yesterday.
McMoRan (NYSE: MMR) widened second quarter losses more than expected but the company expects to test its Davy Jones No. 1 well at the end of the month.
On the downside
Shares of Vivus (Nasdaq: VVUS) dropped ahead of the Food and Drug Administration's decision on the biopharmaceutical's obesity treatment Qnexa.
Alcatel-Lucent (NYSE: ALU) warned that second quarter results would fall short of analyst expectations.
The Securities and Exchange Commission launched an investigation into New Oriental Education's (NYSE: EDU) financial statements.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 799.
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