The markets closed higher with the Dow gaining 18 points to 15,470 after Federal Reserve chairman Ben Bernanke calmed investors with his assurances that tapering of stimulus measures would not begin until the end of the year. Nasdaq climbed 11 points to 3610.
On the upside
Energy XXI (Nasdaq: EXXI) reported that proved oil reserves jumped approximately 50%.
United Rentals (NYSE: URI) reversed year ago losses to post a stronger than expected profit for the second quarter as revenue climbed.
Goldman Sachs analyst Theodore Durbin upgraded Linn Energy (Nasdaq: LINE) to a Buy rating.
On the downside
Regulus Therapeutics (Nasdaq: RGLS) priced its public offering of 4.5 million common shares at the discounted price of $9.50 per share.
FBR Capital downgraded Wabash National (NYSE: WNC) from an Outperform rating to a Market Perform rating.
Profit taking sank shares of LDK Solar (NYSE: LDK), Real Goods Solar (Nasdaq: RSOL) and Suntech Power (NYSE: STP).
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 9 to 7 on Nasdaq. The broader S&P 500 index rose 4 points to 1680.
