While consumer spending dropped, the markets closed higher with the Dow surging 144 points to 9325 as bargain hunters snapped up stocks. Nasdaq soared 22 points to 1721.
On the upside
Comcast (Nasdaq: CMCSA) will develop and distribute entertainment and lifestyle content for distribution through ABC Radio Networks, which is owned by Citadel Broadcasting (NYSE: CDL).AmTech Research upgraded Applied Materials (Nasdaq: AMAT).
CIGNA (NYSE: CI) reassured investors that it is well capitalized above regulatory requirements and will not issue equity.
On the downside
Robert W. Baird downgraded Powerwave Technologies (Nasdaq: PWAV).
Hexion's $6.5 billion acquisition of Huntsman (NYSE: HUN) was placed in jeopardy after a judged denied Hexion's bid to extend Credit Suisse's and Deutsche Bank's agreement to fund the deal.
Although third quarter earnings for Cummins (NYSE: CMI) rose, the results fell short of estimates and the company cut its full year outlook.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks surged 12 points to 527.
