Markets Close Higher As Trade Deficit Narrows

On the upside

Oncothyreon's (Nasdaq: ONTY) development partner Merck KGaA began a Phase III clinical trial of the cancer vaccine Stimuvax.

First quarter earnings for Pall (NYSE: PLL) climbed and the company forecast upbeat results for the full year.

UnitedHealthcare's (NYSE: UNH) network of doctors, clinics and hospitals is now available to consumers through Apple (Nasdaq: AAPL) DocGPS App for the iPhone.

On the downside

Universal Travel Group (NYSE: UTA) will sell approximately 2.2 million common shares to institutional investors to raise approximately $20 million.

American Axle & Manufacturing (NYSE: AXL) priced its offering of $425 million in senior secured notes.

Steel Dynamics (Nasdaq: STLD) forecast fourth quarter earnings below expectations. 

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE while decliners edged out advancers by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap lost 2 points to 595.