Higher Close As Oil Prices Drop
The markets closed higher with the Dow surging 108 points to 11,980 as crude oil prices dropped. Nasdaq soared 28 points to 2717.
On the upside
China-Biotics (Nasdaq: CHBT) reported higher preliminary third quarter revenue.
Molycorp (NYSE: MCP) will raise capital through a stock offering to expand its Mountain Pass mine.
Puget Sound Energy awarded Quanta Services (NYSE: PWR) a five year contract valued at approximately $400 million for construction and maintenance services.
On the downside
BankAtlantic (NYSE: BBX) announced Friday after market close that it will close its branch in Miami Lakes.
Standard & Poor's may change its ratings for bond insurers sending shares of Assured Guaranty (NYSE: AGO) tumbling.Three financial institutions in the southwest contracted with Fifth Third Bancorp (Nasdaq: FITB) for electronic transaction processing services but the stock price slipped.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points 779.
