China Reassures Investors, Markets Surge
Reassurances from China that it will maintain its European debt boosted investor confidence to lift the markets to a sharply higher close with the Dow rocketing 284 points to 10,258. Nasdaq leaped 81 points to 2277.
On the upside
Toreador Resources (Nasdaq: TRGL) will repurchase up to $5 million worth of common shares.
China Security & Surveillance Technology (NYSE: CSR) priced its offering of 15 million common shares at $4.00 per share.
MPG Office Trust (NYSE: MPG) extinguished the $26.4 million loan obligation on an Irvine site.
Universal Display (Nasdaq: PANL) will introduce its new energy efficient white OLED panel display at the 2010 Society for Information Display International Symposium, Seminar & Exhibition.
Nonprofit One Laptop Per Child selected Marvell Technology's (Nasdaq: MRVL) Moby tablet as its next computer.
Bloomberg News reported that Ford (NYSE: F) is considering ending the production of its Mercury brand of cars.
In the broad market, advancing issues outpaced decliners by a margin of nearly 9 to 1 on the NYSE and by more than 7 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 27 points to 670.
