Earnings Lift Markets To Modestly Higher Close

The markets posted modest gains even as crude oil prices rose with the Dow gaining 32 points to 8743 as earnings news lifted investor sentiment. Nasdaq added a point to 1886.

On the upside

Korn Ferry International (NYSE: KFY) chief executive Gary Burnison said that hiring in the financial services and health care sectors is climbing.

Cytec (NYSE: CYT) forecast upbeat results for 2009 as demand rises.

UnitedHealth (NYSE: UNH) entered negotiations to acquire Health Net's (NYSE: HNT) operations in the Northeast.

On the downside

Electro-Optical Sciences (Nasdaq: MELA) will offer 2.4 million common shares at a discount in order to raise $15 million.

Regency Centers (NYSE: REG) lowered its funds from operations for the second quarter due to impairment charges.

Popular (Nasdaq: POP) swung to a second quarter loss as loan loss provisions surged and the housing market in Puerto Rico continued to slump. 

In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased 2 points to 519.