Markets Surge Over Citigroup Bailout
Investors encouraged by the government's $20 billion bailout of Citigroup lifted the markets to a sharply higher close with the Dow rocketing 397 points to 8443. Nasdaq leaped 88 points to 1472.
On the upside
The United Kingdom Home Office announced that it will purchase 10,000 of TASER International's (Nasdaq: TASR) Electronic Control Devices after a pilot program ended successfully. TASER also announced that the Los Angeles Police Department ordered 1,275 devices along with related accessories.
Microsoft (Nasdaq: MSFT) advertising unit Massive expanded its relationship with game publisher THQ (Nasdaq: THQI) to be the exclusive in-game ads provider for PC games and Xbox games.
Stifel Nicolaus upgraded Qualcomm (Nasdaq: QCOM).
The government's $20 billion bailout of Citigroup (NYSE: C) lifted shares of Wells Fargo (NYSE: WFC) and JPMorgan Chase (NYSE: JPM).
On the downside
Last week, Tween Brands (NYSE: TWB) reported that it swung to a loss for the third quarter, withdrew its second half earnings outlook and delayed offering a fourth quarter guidance as well as a full year forecast.
Although Nielsen Media Research reported that television viewing is increasing, time shifting with the growing use of digital video recorders is affecting advertising rates. Shares of media company Time Warner (NYSE: TWX) fell.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by nearly 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 30points to 437.
