Flat Close For Markets

June 08, 2009 at 16:37 PM EDT

Despite a promise by President Obama to create 600,000 jobs, the markets closed flat with the Dow adding a point to 8764 as commodities prices retreated. Nasdaq lost 7 points to 1842.

On the upside

Arena Pharmaceuticals (Nasdaq: ARNA) reported positive results from a late stage clinical trial of its obesity treatment lorcaserin.

MannKind (Nasdaq: MNKD) reported upbeat study results for its inhalable insulin Afresa.

China Housing & Land Development (Nasdaq: CHLN) began construction of its Puhua residential community project in China.

On the downside

Emisphere Technologies (Nasdaq: EMIS) was warned by Nasdaq that it will be delisted from the exchange due to its low stock price.
Shares of Continental Airlines (NYSE: CAL) and American Airlines parent AMR (NYSE: AMR) fell after the International Air Transport Association doubled its expected losses for the year for global airlines.
Headwaters (NYSE: HW) proposed amendments to change its senior credit facility.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 5 points to 524.