The markets roared back to close sharply higher after two disappointing days of triple digit losses as investors snapped up bargains. The Dow surged 248 points to 8944 while Nasdaq soared 39 points to 1647.
On the upside
Luminex (Nasdaq: LMNX) swung to a third quarter profit as revenue surged prompting the company to raise its full year outlook.AES (NYSE: AES) impressed with sharply higher third quarter earnings as prices climbed while demand rose.
CB Richard Ellis (NYSE: CBG) blamed the global credit crises for lower third quarter earnings but the results topped analyst estimates.
On the downside
Unisys (NYSE: UIS) reported lower third quarter earnings as revenue fell.
RBC Capital Markets downgraded Hecla Mining (NYSE: HL) after the company announced that it acquired most of the assets of Independence Lead Mines.
Strong molybdenum sales lifted third quarter profit for Thompson Creek Materials (NYSE: TCM) nearly four times over last year but the company postponed a project in northern British Columbia.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 10 points to 506.
