Economy Ends Strong In 2010, Markets Extend Gains
The markets extended its gains during the midday with the Dow soaring 89 points to 11,760 after the Federal Reserve reported that the nation ended 2010 with a stronger economy. Nasdaq climbed 18 points to 2735.
On the upside
The Food and Drug Administration determined that Strategic Diagnostics' (Nasdaq: SDIX) RapidChek SELECT Salmonella Enteritidis test system was equivalent to current standard methods for pooled egg testing without a 96-hour hold period.
Cinco Dias reported that Banco Santander (NYSE: STD) will raise approximately $300 million through the sale of a 1.91% stake in its Chilean business.
The Wet Seal (NYSE: WTSLA) hired former American Eagle Outfitters (Nasdaq: AEO) executive Susan P. McGalla to be the women's apparel retailer's new chief executive.
Lululemon Athletica (Nasdaq: LULU) cited better than expected revenue for lifting its fourth quarter outlook above analyst estimates.
Spirit AeroSystems (NYSE: SPR) settled claims related to work on Boeing's (NYSE: BA) 787 Dreamliner airliner.
Nvidia (Nasdaq: NVDA) won a $1.5 billion settlement from Intel (NYSE: INTC) in a patent infringement dispute.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 6 points to 800.
