Treasury To Help Insurers, Markets Close Up
The markets closed modestly higher with the Dow adding 48 points to 7837 as investors embraced Treasury plans to assist insurance companies. Nasdaq climbed 29 points to 1591.
Gramercy Capital (NYSE: GKK) amended a $216 million credit facility with Wachovia and a repurchase pact with Goldman Sachs.
On the upside
Shares of Lincoln National (NYSE: LNC) soared over news that the government may provide financial assistance to life insurers.Gramercy Capital (NYSE: GKK) amended a $216 million credit facility with Wachovia and a repurchase pact with Goldman Sachs.
Shares of Pep Boys - Manny, Moe & Jack (NYSE: PBY) climbed ahead of its earnings release.
On the downside
VisionChina Media's (Nasdaq: VISN) Chief Financial Officer Dina Liu will leave the company April 15.
Wachovia downgraded General Growth Properties (NYSE: GGP).
According to Reuters Estimates, analyst anticipate losses in all four quarters of 2009 for KeyCorp (NYSE: KEY).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks surged 10 points to 442.
