The markets opened an abbreviated session on a high note as a cash infusion into the nation's largest brokerage fueled the so-called Santa Claus rally. The Dow climbed 87 points to 13,537 while Nasdaq rose 14 points to 2706.
On the upside
Merrill Lynch & Company (NYSE: MER) announced that Temasek Holdings and Davis Selected Advisors will invest a total of $6.2 billion to shore up the investment bank's balance sheet.
Products made by Apple (Nasdaq: AAPL) topped Amazon.com's list of best-selling electronics.
Giant Interactive Group (NYSE: GA) announced a $200 million stock buyback program which boosted shares of the China-based online game developer.
On the downside
Shares of Wyeth (NYSE: WYE) fell on worries that a generic version of its reflux disease treatment may cut into sales.
FuelCell Energy (Nasdaq: FCEL) failed to win a bigger slice of a contract to help reduce energy consumption in Connecticut.
Shares of First Marblehead (NYSE: FMD) gave up some of last Friday's gains after the student loan provider attracted a sizable investment from a Goldman Sachs fund.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by a margin of 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 790.
