Fed To Maintain Policy, Markets Rise


Federal Reserve chair Janet Yellen's comments that the Fed will maintain current monetary policy lifted the markets to a higher open with the Dow gaining 71 points to 15,873. Nasdaq climbed 19 points to 4167. 

On the upside 

Mallinckrodt will pay a premium of approximately $1.3 billion to acquire Cadence Pharmaceuticals (Nasdaq: CADX).

Sprint (NYSE: S) narrowed fourth quarter losses more than expected as revenue rose.

Lockheed Martin will use Ocean Power Technologies (Nasdaq: OPTT) power buoys to construct the world's largest ocean wave energy power plant.

On the downside

Infoblox (NYSE: BLOX) reported preliminary second quarter revenue below analyst estimates and lowered its full year guidance prompting downgrades. 

Investors locked in profits on Groupon (Nasdaq: GRPN).

Zoetis (NYSE: ZTS) swung to a better than expected profit for the fourth quarter but the company forecast 2014 revenue below estimates.

In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 rose 5 points to 1805. Bitcoin lost $10.39 or 1.79% to $581.94.

About this Entry

This page contains a single entry by published on February 11, 2014 6:43 AM.

Modestly Higher Close Ahead Of Yellen's Testimony was the previous entry in this blog.

Markets Soar Over Yellen's Comments is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12