Housing Recovery Hopes Lift Markets
The markets surged to close sharply higher with the Dow rocketing 225 points to 10,249 after a greater than expected jump in pending home sales sparked hopes that the housing market may be recovering. Nasdaq leaped 58 points to 2281.
On the upside
Shares of wind energy company Broadwind Energy (Nasdaq: BWEN) advanced after the government issued a six month moratorium on deep water drilling.
Tessera Technologies (Nasdaq: TSRA) lifted its revenue guidance for the second quarter.
Continental Airlines (NYSE: CAL) reported a greater than expected increase in traffic revenue for May as airfare rose and fuel costs fell.
Shares of enriched uranium supplier USEC (NYSE: USU) rose over hopes that nuclear energy will broaden its appeal after the massive oil spill in the Gulf of Mexico.
On the downside
UBS analyst Angie Sedita lowered her price target for Transocean (NYSE: RIG) to $82 per share from $90 per share.
Novogen's (Nasdaq: NVGN) majority owned subsidiary Marshall Edwards (Nasdaq: MSHL) reported yesterday that its ovarian cancer treatment phenoxodiol failed a late stage clinical trial.
In the broad market, advancing issues outpaced decliners by a margin of more than 9 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 19 points to 660.
