Closing Bell Report
The markets surged to close sharply higher with the Dow jumping 198 points to 11,628 as oil prices plunged and Fed chief Bernanke said that inflation should moderate. Nasdaq leaped 34 points to 2415.
On the upside
Apple (Nasdaq: AAPL) launched its iPhone 3G in 21 countries to enlarge its potential client base to 660 million people. Apple intends to sell 10 million iPhones by the end of the year.
United Airlines (Nasdaq: UAUA) announced price increases for food and that free meals will no longer be provided on international flights from Dulles to Europe.
The Wall Street Journal reported that Citigroup (NYSE: C) will reorganize it capital markets group.
On the downside
China BAK Battery (Nasdaq: CBAK) announced plans to sell 4.1 million shares of common stock in order to raise $16 million.
Denbury Resources (Nasdaq: DNR) will pay approximately $600 million to acquire a 91.4% interest in Conroe Field near Houston.
Gold Fields (NYSE: GFI) received a summons from Randgold and Exploration Company and African Strategic Investment claiming that a subsidiary formerly known as Western Areas Limited unlawfully sold shares owned by Randgold.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on both the NYSE and Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 738.
