Continued Hope For European Bailout Boosts Markets

Investors continued to hold out hope that the European Union would expand its financial bailout fund. The markets closed sharply higher with the Dow surging 102 points to 11,518 while Nasdaq climbed 21 points to 2604.

On the upside

Bargain hunters lifted shares of Cemex (NYSE: CX) whose stock price plunged last week over debt concerns.  

Investors snapped up shares of Frontline (Nasdaq: GTIV) whose stock price has steadily fallen since reporting a loss at the end of August and suffering analyst downgrades. 

Global Hunter Securities upgraded W&T Offshore (NYSE: WTI) to a Buy rating.

On the downside

Bloomberg reported that Eastman Kodak (NYSE: EK) bondholders are pushing to be paid first from any patent portfolio asset sales.  

Global service disruptions continued to plague Research in Motion’s (Nasdaq: RIMM) BlackBerry.

RBC Capital Markets initiated coverage of Marvel Technology Group (Nasdaq: MRVL) with an Outperform rating but the stock price fell. 

In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 11 points to 700.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.