Late Rally Lifts Markets To Higher Close
A late afternoon rally lifted the markets higher with the Dow climbing 109 points to 8030 as consumer prices slipped. Nasdaq added a point to 1627.
Shares of homebuilders Standard Pacific (NYSE: SPF), Hovnanian Enterprises (NYSE: HOV) and Beazer Homes (NYSE: BZH) all rose even as mortgage applications tumbled 11% last week as investors remain hopeful that a recovery is eminent.
CBL & Associates Properties (NYSE: CBL) announced that it will pay approximately $9.8 million in cash and approximately 4.8 million in common shares for dividends.
Lufkin Industries (Nasdaq: LUFK) blamed lower commodity prices for a sharp drop in first quarter income that miss estimates by a wide margin.
Kennametal (NYSE: KMT) blamed the global economic downturn for slashing its third quarter outlook.
On the upside
Wachovia upgraded Weingarten Realty Investors (NYSE: WRI).Shares of homebuilders Standard Pacific (NYSE: SPF), Hovnanian Enterprises (NYSE: HOV) and Beazer Homes (NYSE: BZH) all rose even as mortgage applications tumbled 11% last week as investors remain hopeful that a recovery is eminent.
CBL & Associates Properties (NYSE: CBL) announced that it will pay approximately $9.8 million in cash and approximately 4.8 million in common shares for dividends.
On the downside
Lufkin Industries (Nasdaq: LUFK) blamed lower commodity prices for a sharp drop in first quarter income that miss estimates by a wide margin.
Kennametal (NYSE: KMT) blamed the global economic downturn for slashing its third quarter outlook.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 461.
