Interest Rates To Stay Low, Markets Climb To Higher Close

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.

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