Interest Rates To Stay Low, Markets Climb To Higher Close

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Federal Reserve Chairman Ben Bernanke's reassurances that interest rates will continue to remain low for the foreseeable future lifted the markets to a higher close with the Dow soaring 91 points to 10,374. Nasdaq climbed 22 points to 2235.

 

On the upside

Dycom Industries (NYSE: DY) narrowed second quarter losses and announced that it will buy back up to $20 million worth of common stock.

Carnival Cruise Lines (NYSE: CCL) announced price increases for summer cruises after reporting record wave season bookings.

McMoRan Exploration (NYSE: MMR) director Robert Day purchased nearly $1.1 million worth of company stock.

On the downside

InfoLogix (Nasdaq: IFLG) restructured a $25 million senior debt financing from Hercules Technology Growth Capital (Nasdaq: HGTC).

Raymond James analyst Budd Bugatch downgraded Culp (NYSE: CFI) citing valuation concerns.

Trina Solar (NYSE: TSL) reported higher fourth quarter earnings that topped analyst estimates but warned that margins will slip in the first quarter. 

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 5 points to 630.

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This page contains a single entry by published on February 24, 2010 1:37 PM.

Bernanke Expects Interest Rates To Remain Low, Markets Climb was the previous entry in this blog.

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