Higher Close Even As GDP Expansion Slows
The markets closed higher with the Dow climbing 72 points to 12,763 even as the nation's economy expanded at a slower than expected pace in the first quarter of 2011. Nasdaq added 2 points to 2872.
On the upside
CoStar Group will pay approximately $860 million in cash and stock to acquire LoopNet (Nasdaq: LOOP).
The federal court cut the Horizon Lines' (NYSE: HRZ) fine for antitrust violations to $15 million from $45 million.
Norfolk Southern (NYSE: NSC) reported higher first quarter earnings that topped analyst estimates.
On the downside
ARRIS Group (Nasdaq: ARRS) disappointed with lower first quarter earnings that fell short of analyst expectations and forecast second quarter result below estimates.
Evergreen Solar (Nasdaq: ESLR) reported a sharp drop in solar panel shipments in the first quarter prompting a downgrade.
Ferro (NYSE: FOE) reversed year ago losses to post a profit for the first quarter but the stock price dropped.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by nearly 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 861.
