Markets Surge As Jobless Claims Drop And Oil Prices Ease
A sharp drop in unemployment applications along with easing crude oil prices sent the markets soaring with the Dow rocketing 191 points to close at 12,258. Nasdaq leaped 50 points to 2798.
On the upside
USA Technologies (Nasdaq: USAT) announced a record 6.4 million small-ticket transactions representing $10.3 million processed in February 2011.
Wendy'sArby's Group (NYSE: WEN) narrowed fourth quarter losses and suggested that selling its Arby's brand would positively impact earnings.
Western Refining (NYSE: WNR) narrowed losses for the fourth quarter even as revenue slipped.
On the downside
Fuel Systems Solutions (Nasdaq: FSYS) swung to a loss for the fourth quarter as revenue plunged.
NorthStar Realty Finance (NYSE: NRF) announced a private offering of $100 million in exchangeable senior notes.Cowen & Co. analyst Matthew Hoffman downgraded Motorola Mobility (NYSE: MMI) saying that the launch of Apple's (Nasdaq: AAPL) iPad 2 on March 11 will dampen demand for the company's Xoom tablet.In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 17 points to 828.
