Stocks Edge Higher as Dow Entrenches Below 7000
Federal Reserve Chairman Ben Bernanke reiterated plans to stimulate lending and the stagnant economy as investors cautiously bought stocks hovering at decade lows. The Dow rose 39 points to 6803 while Nasdaq surged 10 points to 1333.
VeriSign (Nasdaq:VRSN) announced the sale of its Communication Services Group to TNS, Inc. (NYSE:TNS) for $230 million in cash.
Einstein Noah Restaurant Group (Nasdaq: BAGL) posted slightly lower 4th quarter revenues and flat profits, but the higher cashflow from operations beat expectations.
Blount International (NYSE: BLT) posted higher 4th quarter sales and lower profits as higher steel costs cut into margins.
Continental Airlines (NYSE: CAL) reported lower February traffic and capacity to weigh down the air carrier sector.
On the upside
Citigroup (NYSE: C) announced a temporary program to lower mortgage payments for some homeowners to an average of $500 a month for three months in order to help the unemployed.VeriSign (Nasdaq:VRSN) announced the sale of its Communication Services Group to TNS, Inc. (NYSE:TNS) for $230 million in cash.
Einstein Noah Restaurant Group (Nasdaq: BAGL) posted slightly lower 4th quarter revenues and flat profits, but the higher cashflow from operations beat expectations.
On the downside
Blount International (NYSE: BLT) posted higher 4th quarter sales and lower profits as higher steel costs cut into margins.
Continental Airlines (NYSE: CAL) reported lower February traffic and capacity to weigh down the air carrier sector.
In the broad market, advancing issues outpaced decliners by a margin of 7 to 6 on the NYSE and by 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks rose a fraction to 368.
