Upbeat Consumer Sentiment Lifts Markets Higher
Retreating crude oil prices and better than expected consumer sentiment lifted the markets to a higher open with the Dow climbing 58 points to 8578. Nasdaq added 12 points to 1544.
On the upside
The Food and Drug Administration approved Epix Pharmaceuticals' (Nasdaq: EPIX) magnetic resonance angiography blood vessel imaging agent Vasovist.
ProLogis (NYSE: PLD) announced plans to sell its Chinese properties and its stake in Japanese property funds to Singapore's GIC Real Estate for approximately $1.3 billion.
Health Systems Solutions closed its $62 million acquisition of medical technology firm Emageon (Nasdaq: EMAG).
On the downside
American Greetings (NYSE: AM) swung to a third quarter loss due to significant charges and lower revenue amidst a slumping economy.
KV Pharmaceutical (NYSE: KV-A) voluntarily suspended shipments of all drugs in tablet form and recalled a production lot of its pain management medication Hydromorphone.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by mroe than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 480.
