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Higher Close Over Upbeat Factory Orders
Posted on July 03, 2012 at 14:22 PM EDT
An upbeat factory orders report lifted the markets to a higher close on a shortened trading day before the Independence Day holiday with the Dow climbing 72 points to 12,943. Nasdaq gained 24 points to 2976.
On the upside
An increase in the use of coal in Europe lifted shares of Alpha Natural Resources (NYSE: ANR) and Patriot Coal (NYSE: PCX).
Five Star Equities issued a research report on Keryx Biopharmaceuticals (Nasdaq: KERX).
On the downside
Shares of Groupon (Nasdaq: GRPN) continued falling after an analyst lowered his price target on the company from $15 to $12 and executive chairman and co-founder Eric Lefkofsky announced that he would step back from his duties.
UBS downgraded CTC Media (Nasdaq: CTCM) to a Neutral rating.
Profit taking sank shares of ATP Oil & Gas (Nasdaq: ATPG).
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 818.
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