Fed Holds Interest Rates Steady, Markets Close Higher
On the upside
A Wall Street Journal report of possible bank consolidations in Puerto Rico lifted shares of Popular (Nasdaq: BPOP).
CKX (Nasdaq: CKXE) narrowed fourth quarter losses as revenue surged.
The Food and Drug Administration approved Biolase Technology's (Nasdaq: BLTI) iLase handheld dental laser.
On the downside
City Bank (Nasdaq: CTBK) received a Corrective Action Directive from the Federal Deposit Insurance Corp. giving the bank thirty days to raise additional capital or sell itself.
Genpact (NYSE: G) announced the sale 28 million shares of common stock by shareholders prompting a downgrade.
Movado (NYSE: MOV) warned of wider than expected losses for the fourth quarter.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 679.
