Closing Bell Report
It was a mixed close for the markets despite a retreat in oil prices as earnings estimates and price targets for banks were cut. The Dow added 4 points to 11,350 while Nasdaq tumbled 23 points to 2293.
Hydrogenics Corp. (Nasdaq: HYGS) provided Shell Hydrogen with an integrated hydrogen fueling station.
A fund manager recommended Rediff.com (Nasdaq: REDF) on CNBC saying that the India based company was a good investment.
Record oil prices lifted shares of refiner Sunoco (NYSE: SUN) and petroleum company Goodrich Petroleum (NYSE: GDP).
On the downside
A rumor that Lehman Brothers (NYSE: LEH) will be sold to Barclays at a discount sent shares of the investment bank tumbling.Russell Investments moved DeVry (NYSE: DV) from the small cap Russell 2000 index to the large cap Russell 1000.
Fitch Ratings warned that XL Capital's (NYSE: XL) investment grade ratings may be downgraded because it's 46% stake in bond insurer Security Capital Assurance (NYSE: SCA) exposes the company to mortgage related losses.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 8 points to 690.
