The Federal Reserve's aggressive interest rate cut that lowered the federal funds rate to range between zero and 0.25% sparked a rally with the Dow jumping 360 points to 8924. Nasdaq leaped 82 points to 1590.
On the upside
The Pep Boys (NYSE: PBY) declared a quarterly dividend of $0.0675 per share payable on January 26, 2009 to shareholders of record January 12, 2009.Beckman Coulter (NYSE: BEC) affirmed its 2008 outlook and forecast earnings to grow 10% per share in 2009 due to expense controls and higher margin sales.
Shares of Hovnanian Enterprises (NYSE: HOV) rose ahead of its earnings release after market close.
On the downside
Barclays Capital lowered its price target and cut its fourth quarter outlook as well as 2009 earnings expectations for Bank of America (NYSE: BAC).
Shares of Altria Group (NYSE: MO) fell despite a Court of Appeals rejection of a product liability claim against tobacco companies.
In the broad market, advancing issues outpaced decliners by nearly 6 to 1 on the NYSE and by 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 30 points to 483.
