Fed To Purchase $600 Million In Bonds, Markets Close Higher

The Federal Reserve will purchase $600 billion in Treasury bonds to jumpstart the stalled economy lifting the markets to a higher close with the Dow rising 26 points to 11,215. Nasdaq added 6 points to 2540.

On the upside

Fushi Copperweld (Nasdaq: FSIN) received an offer from chief executive Li Fu and Abax Global Capital to take the company private for $11.50 per share.

MGM Resorts (NYSE: MGM) narrowed third quarter losses more than expected. 

Wabash National (NYSE: WNC) narrowed third quarter losses as revenue nearly doubled.

On the downside

HSN (Nasdaq: HSNI) blamed product recalls for lower third quarter earnings that fell short of analyst expectations.

PulteGroup (NYSE: PHM) widened third quarter losses due to significant charges and lower new home orders.

Innophos Holdings (Nasdaq: IPHS) disappointed by swinging to a loss for the third quarter.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 715.