Higher Close As Investors Await Earnings From Banks
The markets recovered to close modestly higher with the Dow rising 13 points to 11,019 as investors await earnings from Bank of America and JPMorgan Chase later this week. Nasdaq gained 8 points to 2465.
On the upside
Newly elected Goodyear Tire & Rubber (NYSE: GT) president and chief executive Richard J. Kramer expressed confidence in the growth of tire company as the global economy recovers.
Credit Suisse mentioned Education Management (Nasdaq: EDMC) in a positive light in its report about the for-profit education sector.
Credit Suisse upgraded Verso Paper (NYSE: VRS) to an Outperform rating.
On the downside
Orexigen Therapeutics (Nasdaq: OREX) incorrectly calculated results from a clinical trial of its obesity treatment Contrave. While results were revised downward, the biopharmaceutical said that the drug still met study goals.
Investors locked in profits on Ambac Financial (NYSE: ABK), whose shares have tripled since last week.
Shares of Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) fell after banking executives expressed reluctance to reducing loans on underwater mortgages.
In the broad market, advancing issues outpaced decliners by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 707.
