CIT Receives Lifeline

A last minute rescue of CIT Group along with upbeat economic news lifted the markets to a higher close with the Dow soaring 104 points to 8848.  Nasdaq climbed 22 points to 1909.

 

 

Deutsche Bank analyst Brian Modoff expects Apple's (Nasdaq: AAPL) iPhone and Research in Motion's (NYSE: RIMM) Blackberry to grow from 3% of the global cellphone market to 5% while global operating profits will increase from 35% to 58% of profits.

FBR Capital Markets analyst Craig Berger upgraded Advanced Micro Devices (NYSE: AMD) to Outperform. 

On the downside

Harman International (NYSE: HAR) denied rumors that it received a buyout offer.

Fox-Pitt Kelton analyst Andrew Marquardt cut his rating on Bank of America (NYSE: BAC).

Analysts downgraded Nokia (NYSE: NOK) .

In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 526.