$1 Trillion European Rescue Plan Lifts Markets
The European Union announced a $1 trillion financial rescue package sending the markets soaring with the Dow rocketing 362 points to 10,742. Nasdaq leaped 94 points to 2360.
On the upside
Shares of European banks Banco Santander (NYSE: STD), Allied Irish Banks (NYSE: AIB) and Barclays (NYSE: BCS) all surged after the European Union announced a $1 trillion financial rescue plan.
Tower Semiconductor (Nasdaq: TSEM) subsidiary TowerJazz announced the availability of design kits for its next generation 130nm SiGe BiCMOS technology for high volume consumer RF applications.
Sirius XM Radio (Nasdaq: SIRI) was upgraded after it reported a profit of a penny per share last week.
On the downside
First quarter earnings for Dean Foods (NYSE: DF) plunged and the company suspended its outlook for the full year.
Psychiatric Solutions (Nasdaq: PSYS) reported higher first quarter earnings that topped estimates but the stock price fell.
Morgan Joseph downgraded DragonWave (NYSE: DRWI) on Friday.
In the broad market, advancing issues outpaced declinrs by a margin of more than 15 to 1 on the NYSE and by more than 11 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks leaped 31 points to 684.
