Jobless Claims Tumble, Markets Soar
Initial applications for unemployment benefits tumbled to the lowest amount in nearly three years to lift the markets to a sharply higher open with the Dow soaring 167 points to 12,234. Nasdaq surged 40 points to 2789.
On the upside
BioSante Pharmaceuticals (Nasdaq: BPAX) reported positive results from a Phase II trial of its pancreatic cancer vaccine.
US Airways (NYSE: LCC) reported a 4.1% increase in February revenue passenger miles and a 10% gain in revenue per available seat mile.
ZAGG (Nasdaq: ZAGG) introduced a complete line of accessories for Apple's (Nasdaq: AAPL) new iPad 2.
On the downside
Amylin Pharmaceuticals (Nasdaq: AMLN), Eli Lilly (NYSE: LLY) and Alkermes (Nasdaq: ALKS) reported disappointing results from their once a week diabetes treatment Bydureon.
February same store sales fell 1% for Dillard's (NYSE: DDS).Radio One (Nasdaq: ROIAK) blamed a non-cash impairment charge for widening fourth quarter losses.In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 12 points to 823.
