Stocks Extend Rally on Global Economic Recovery Hopes

October 6, 2009 6:45 AM |
Investors grew optimistic following an interest rate hike by Australia's central bank.  The Dow surged 91 points to 9691 while Nasdaq leaped 30 points to 2099.

On the upside 

Avocent (Nasdaq: AVCT) received a $1.2 billion cash bid from Emerson Electric (NYSE: EMR) further consolidating the data storage industry.

Pfizer (NYSE: PFE) received favorable comments from the FDA regarding new uses for the company's HIV drug.

Mining stocks rose with shares of Hecla Mining (NYSE: HL) joining the rally.

Shares of Fonar (Nasdaq: FONR) rose after the medical scanner maker posted higher revenues and a return to profitability.

On the downside

Boeing (NYSE: BA) announced a $1 billion charge due to higher costs producing its 747-8 freight planes.

Medical device maker St. Jude Medical (NYSE: STJ) lowered its 3rd quarter outlook.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 8 points to 599.

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This page contains a single entry by published on October 6, 2009 6:45 AM.

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