Fed’s Stimulus Measures Boost Markets At Midday
September 14, 2012 at 05:40 AM EDT
Continued enthusiasm for additional stimulus measures by the Federal Reserve lifted the markets higher during the midday with the Dow gaining 70 points to 13,610. Nasdaq climbed 37 points to 3193.On the upsideOfficeMax’s (NYSE: OMX) agreement to extinguish non-recourse liability related to Lehman-backed timber notes was finalized. Greenlight Capital acquired a 36.2% stake in BioFuel Energy (Nasdaq: BIOF).Shares of Pandora Media (NYSE: P) rose after Apple (Nasdaq: AAPL) failed to announce its own music streaming service yesterday.On the downsideAK Steel (NYSE: AKS) warned that third quarter losses will be greater than expected. Shares of US Airways (NYSE: LCC) continued falling after increasing ticket prices on certain routes.Cell Therapeutics (Nasdaq: CTIC) extended its losses after Motley Fool wrote yesterday that the stock was expected to drop.In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 865.
