Markets Modestly Higher In Anticipation Of Fed Action

The markets traded modestly higher during the midday with the Dow adding 10 points to 11,017 with investors hopeful that the Federal Reserve will act to jumpstart the stalled economic recovery. Nasdaq rose 8 points to 2410.

On the upside

Bain Capital will pay approximately $1.8 billion to acquire children's apparel retailer Gymboree (Nasdaq: GYMB).

Ascent Solar Technologies (Nasdaq: ASTI) received full IEC 61646 certification, becoming the first thin film CIGS module maker to earn the environmental testing designation.

Collins Stewart analyst Dan Ries upgraded Suntech Power (NYSE: STP) to a Buy rating.

On the downside

Venoco (NYSE: VQ) blamed depressed natural gas prices for lowering its full year production outlook.

SandRidge Energy (NYSE: SD) chief executive Tom Ward sold approximately 6 million shares of company stock.

Standard & Poor's downgraded Manitowoc's (NYSE: MTW) rating on Friday after market close citing a challenging crane environment.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by nearly 10 to 9 on Nasdaq.