Bernanke Says Economy Poised To Recover

Comments by Federal Reserve Chairman Ben Bernanke that the economy is poised to recover boosted the markets during the midday with the Dow soaring 137 points to 9487. Nasdaq jumped 25 points to 2014.

On the upside

Feltl & Co. upgraded Wireless Ronin Technologies (Nasdaq: RNIN).

Thomas Weisel upgraded Exide Tecnologies (Nasdaq: XIDE).

Although Zumiez (Nasdaq: ZUMZ) widened second quarter losses, the results were better than expected prompting an upgrade.

On the downside

Pacific Sunwear (Nasdaq: PSUN) forecast a wider than expected loss for the third quarter.

BankAtlantic Bancorp (NYSE: BBX) announced a subscription price of $2 per share for it offering of $100 million of common shares.

Global Ship Lease (NYSE: GSL) amended an $800 million credit facility and suspended its dividends.

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 11 points to 580.