The markets rose during the midday with the Dow climbing 110 points to 8678 in anticipation of a rate cut by the Federal Reserve. Nasdaq leaped 37 points to 1545.
On the upside
Pennsylvania Real Estate Investment Trust (NYSE: PEI) completed $173 million through three mortgage loan financings.Shares of Genworth Financial (NYSE: GNW) continued surging over expectations that the insurer will become eligible for the government's capital purchase plan after completing its acquisition of InterBank.
Hartford Financial (NYSE: HIG) will reopen its Five-Star Rated Hartford MidCap Fund to new investors due to investment opportunities.
On the downside
KeyBanc Capital Markets downgraded Cabot (NYSE: CBT).
General Growth Properties (NYSE: GGP) missed a deadline to repay $900 million in debt prompting Moody's Investors Service to downgrade the shopping mall owner's debt ratings.
In the broad market, advancing issues outpaced decliners by nearly 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 465.