Higher Close As Jobless Claims Slip
The markets closed higher with the Dow gaining 52 points to 12,505 as first time applications for unemployment benefits slipped. Nasdaq climbed 17 points to 2820.
On the upside
First quarter earnings for Select Comfort (Nasdaq: SCSS) more than doubled to surpass analyst expectations by a wide margin and the adjustable firmness mattress company forecast full year results ahead of estimates.
China Security & Surveillance Technology (NYSE: CSR) accepted an acquisition offer from chief executive Guoshen Tu.
Patriot Coal (NYSE: PCX) reported a wider than expected loss for the first quarter but the company announced that more than 3 million tons of steel-making coal was contracted for sale at a higher price.
On the downside
Hanmi Financial (Nasdaq: HAFC) reversed year ago losses to post a first quarter profit but total assets and deposits fell sequentially.
Upbeat Phase III trial results for Biogen's (Nasdaq: BIIB) orally administered BG-12 multiple sclerosis treatment weighed down shares of Elan (NYSE: ELN), which markets the injectable multiple sclerosis drug Tysabri.
Caris & Co. downgraded TiVo (Nasdaq: TIVO) to an Average rating.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 845.
