Oil Prices Fall, Markets Climb
Falling crude oil prices lifted the markets higher during the midday with the Dow soaring 99 points to 11,970. Nasdaq climbed 26 points to 2715.
On the upside
Barron's wrote that Nvidia (Nasdaq: NVDA) had the potential to leap 80% in 2011.
J. C. Penney (NYSE: JCP) added hedge fund manager William A. Ackman and real estate executive Steven Roth to its board. The department store operator also announced plans to shutter underperforming locations.
Level 3 Communications (Nasdaq: LVLT) will exchange its convertible senior discount notes.
On the downside
On Friday after market close, World Wrestling Entertainment (NYSE: WWE) forecast fourth quarter results that fell short of expectations.
Philips Electronics (NYSE: PHG) blamed weakness in Europe for fourth quarter results that missed estimates.Bank of America (NYSE: BAC) announced a new campaign targeting clients with between $50,000 to $250,000 in investable assets but the stock price fell.
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 7 points 780.
