Closing Bell Report
The announcement that a tentative agreement has been reached by lawmakers for the $700 billion bailout plan lifted markets to a higher close with the Dow leaping 197 points to 11,022. Nasdaq surged 31 points to 2187.
On the upside
Power supplies maker Cherokee International (Nasdaq: CHRK) was acquired in a $105 million all cash deal by Gores Group unit Lineage Power Holdings.
Shares of Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS) and JP Morgan (NYSE: JPM) all rose as congressional leaders reached an agreement for the $700 billion bailout plan.
Rumors that Pfizer (NYSE: PFE) will eliminate additional jobs in its efforts to reduce costs by an additional $800 million lifted shares of the pharmaceutical.
On the downside
Ameron International (Nasdaq: AMN) disappointed with lower third quarter earnings that missed expectations due to the economic slowdown.
American International Group (NYSE: AIG) must receive approval from the New York Insurance Department before selling any parts of its business.
Shares of Downey Financial (NYSE: DSL) fell as investors locked in profits. The stock price more than tripled after the company named a new chief executive on Monday.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 706.
