Investors welcomed the possibility that the European Central Bank may establish yield band targets for a new bond buying program. The markets closed higher with the Dow soaring 100 points to 13,157. Nasdaq climbed 16 points to 3069.
On the upside
The Food and Drug Administration approved Watson Pharmaceuticals' (NYSE: WPI) generic version of Endo Health Solutions' Lidoderm pain patch.
Stockpickr listed Ubiquiti Networks (Nasdaq: UBNT) as one of five stocks on the verge of a breakout.
Goldman Sachs upgraded Frontline (NYSE: FRO) to a Neutral rating from Conviction Sell.
On the downside
TheStreet wrote that Peregrine Pharmaceuticals (Nasdaq: PPHM) continued to have a poor outlook. Morgan Stanley downgraded Staples (Nasdaq: SPLS) to an Equal Weight rating.
Research in Motion (Nasdaq: RIMM) began demonstrating its latest BlackBerry to wireless carriers but will not be able to sell them for several months.
In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 809.
ECB May Establish Yield Bands, Markets Close Higher
August 24, 2012 at 18:25 PM EDT
