Investors Optimistic About Stimulus Programs, Markets Close Higher
Optimism that the Federal Reserve will restart select economic stimulus programs lifted the markets to a higher close with the Dow rising 45 points to 10,698. Nasdaq gained 17 points to 2305.
On the upside
The National Geospatial-Intelligence Agency awarded a $3.8 billion contract to GeoEye (Nasdaq: GEOY) for satellite photos.
Ebix (Nasdaq: EBIX) reported record second quarter revenue and earnings.
Deutsche Bank analyst Nishu Sood upgraded Ryland Group (NYSE: RYL) to a Buy rating.
On the downside
Broadwind Energy (Nasdaq: BWEN) disappointed with a second quarter loss as revenue fell short of estimates prompting the wind turbine components maker to cut its full year guidance.
American Dairy (NYSE: ADY) reported a second quarter loss and warned that third quarter revenue will fall short of expectations.
While third quarter earnings for Tyson Foods (NYSE: TSN) climbed to top estimates, analysts expect chicken prices to drop next year.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 659.
