The major indexes opened higher after federal banks around the world announced rate cuts in order to jumpstart the global economy. The Dow rose 30 points to 9475 while Nasdaq added 7 points to 1762.
On the upside
Solar wafer maker LDK Solar (NYSE: LDK) raised its 3rd quarter estimates.
Data storage and protection company Iron Mountain (NYSE: IRM) reaffirmed guidance for 2008, but lowered it for 2009.
Rate cuts gave financial services firms a lift. Shares of JPMorgan Chase (NYSE: JPM) and Goldman Sachs (NYSE: GS) rose along with shares of American Express (NYSE: AXP) and MasterCard (NYSE: MA).
On the downside
Shares of MetLife (NYSE: MET) lost ground after the insurer announced job cuts. Yesterday, it released plans to sell 75 million common shares to raise at least $2.5 billion in order to "build a warchest."
Bank of America (NYSE: BAC) and Wachovia (NYSE: WB) lowered their prime lending rates to 4.5% from 5%.
Shares of Stewart Enterprises (Nasdaq: STEI) tumbled after rival Service Corp. International
(NYSE: SCI) withdrew its takeover offer. Stewart Enterprises provides funeral and cemetery products and services.
In the broad market,
declining issues outpaced advancers by a margin of nearly 4 to 3 on the
NYSE and by more than 5 to 4 on Nasdaq. The Russell 2000 which tracks
small cap stocks added 4 points to 563.
