Unemployment Hits Two-Year Low, Markets Rise

A two-year low in the nation's unemployment rate lifted the markets during the midday with the Dow gaining 85 points to 12,404. Nasdaq climbed 17 points to 2798.

On the upside

Shares of Inhibitex (Nasdaq: INHX) continued rising after reporting positive Phase Ib clinical trial results yesterday for its INX-189 treatment for chronic infections caused by the hepatitis C virus.

Dr. Reddy's Laboratories (NYSE: RDY) affiliate Promius Pharma partnered with Valeant Pharmaceuticals (NYSE: VRX) to manufacture and market the topical steroid Cloderm Cream.

Standard & Poor's downgraded Ireland's credit rating but maintained a stable outlook which lifted shares of The Bank of Ireland (NYSE: IRE).

On the downside

Krispy Kreme (NYSE: KKD) disappointed by swinging to a fourth quarter loss as expenses rose.

Stifel Nicolaus downgraded Sunrise Senior Living (NYSE: SRZ).

Medifast (NYSE: MED) reported higher fourth quarter earnings but the results fell short of analyst estimates and the weight management company forecast first quarter results below expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 849.