Stocks End Higher On Light Trading

On the last day of 2008, a light trading session ended higher with the Dow climbing 108 points to 8776 as jobless claims slipped from last week.  Nasdaq surged 26 points to 1577.

On the upside

Ion Geophysical (NYSE: IO) refinanced debt and announced the adoption of a poison pill plan.

Allis-Chalmers Energy (NYSE: ALY) will pay $5 million to acquire the remaining shares of BCH that it does not already own.

Global Ship Lease (NYSE: GSL) received a delivery of a 10,960 TEU newbuilding containership which increases its fleet to 16 vessels.

 

Conseco's (NYSE: CFD) 40/86 Strategic Income Fund increased its dividend to $0.0924 per share payable on January 9, 2009 to shareholders of record December 31, 2008.

Shares of American Axle & Manufacturing Holdings (NYSE: AXL) rose after automakers received a government bailout.

On the downside

Analysts expect Apple (Nasdaq: AAPL) to introduce lower priced iPhones and MacBooks next year.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq.  The Russell 2000 which tracks small cap stocks leaped 17 points to 499.