Rising Consumer Sentiment Lifts Markets Higher

A gain in consumer sentiment along with increases in commodity prices sparked a late afternoon rally to lift the markets to a higher close with the Dow climbing 96 points to 8500. Nasdaq gained 22 points to 1774.

On the upside

A beneficial owner of Air Transport Services (Nasdaq: ATSG) purchased $1 million worth of company stock.

The joint venture MED3000 Practice Resources was created by Tenet Healthcare (NYSE: THC) and MED3000 to provide technology to physicians and practice managers.

Genworth (NYSE: GNW) filed a preliminary prospectus with the Canadian securities adminstrators for an initial public offering.

On the downside

Cyclacel Pharmaceuticals (Nasdaq: CYCC) reported upbeat results from a Phase 2 clinical trial of its treatment for acute myeloid leukemia and a Phase 2 clinical trial for its cancer drug oral seliciclib but the stock price fell.

Jamba (Nasdaq: JMBA) widened first quarter losses as revenue fell.

UBS downgraded Level 3 Communications (Nasdaq: LVLT).

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 501.