Investors brushed aside a record low consumer confidence report to snap up bargains ahead of an anticipated rate cut to propel the markets skywards with the Dow rocketing 889 points to 9065. Nasdaq jumped 144 points to 1649.
On the upside
Mall operator General Growth Properties (NYSE: GGP) replaced its chief executive John Bucksbaum and its president Robert Michaels after it was revealed that Bucksbaum's family trust made loans to Michaels and former chief financial officer Bernard Freibaum.Interpublic Group of Companies (NYSE: IPG) swung to a third quarter profit as new clients boosted revenue.
The Treasury Department gave preliminary approval to Marshall & Ilsley's (NYSE: MI) request for $1.7 billion under the government's capital infusion program.
On the downside
Britannia Bulk Holdings (NYSE: DWT) warned that it will report a loss for the third quarter and is in the process of exploring strategic alternatives including possible liquidation or filing for bankruptcy protection.Convergys (NYSE: CVG) swung to a third quarter loss due to write-downs of human resource management contracts.
Pilgrim's Pride (NYSE: PPC) negotiated another extension for its credit facilities which were set to expire today.
In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 34 points to 483.
