Markets Advance as Investors Mull Year-End Economic Data

First time jobless claims fell last week, but the economy is expected to cope with more layoffs in the coming months.  Investors pruned their portfolios for tax losses while buying stocks that may recover in 2009.  The Dow rose 57 points to 8725 while Nasdaq climbed 15 points to 1566.

On the upside

Akorn (Nasdaq: AKRX) received FDA approval for generic versions of an antibiotic.

Washington state regulators approved the pending sale of Puget Sound Energy (NYSE: PSD) for $7.4 billion to a New York-based investment group held by Canadian and Australian investors.

Shares of Genco Shipping & Trading (NYSE: GNK) rallied for a second day after taking delivery of the Genco Hadrian, a new Capesize ship, which was expected to contribute to revenues.

On the downside

Needing at least $30 billion to become a bank holding company and expected to receive $6 billion from the Treasury, GMAC picked up an additional $21.2 billion commitment in a debt-for-equity swap.  Shares of General Motors (NYSE: GM) edged lower.

American International Group (NYSE: AIG) asked the Federal Reserve to ease its payment terms on $60 billion in loans while what was once the world's largest insurance company continued to liquidate assets.

Shares of VeriFone Holdings (NYSE: PAY) fell after the maker of checkout-line payment terminals and software delayed its annual report filing to make goodwill accounting adjustments due to a decline in business.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks rose 6 points to 489.