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Expanding Economy Boosts Markets
Thursday October 29, 2009 - 13:17 PM EDT
Investors welcomed news that the nation's economy grew by a larger than expected 3.5% in the third quarter after registering declines in the past four quarters. The Dow leapt 154 points to 9917 while Nasdaq jumped 32 points to 2092.
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Investors welcomed news that the nation's economy grew by a larger than expected 3.5% in the third quarter after registering declines in the past four quarters. The Dow leapt 154 points to 9917 while Nasdaq jumped 32 points to 2092.
On the upside American Superconductor (Nasdaq: AMSC) reversed year ago losses to post a better than expected profit for the second quarter and lifted its guidance for the full year. Third quarter earnings and revenue for Akamai Technologies (Nasdaq: AKAM) topped estimates and the company forecast fourth quarter income above expectations. Bank of America-Merrill Lynch upgraded Genworth Financial (NYSE: GNW). On the downside The Food and Drug Administration denied approval of Transcept Pharmaceuticals' (Nasdaq: TSPT) sleep disorder treatment Intermezzo and requested more data due to safety concerns. Cytokinetics (NYSE: CYTK) warned that the timeline to develop its heart failure drug omecamtiv mecarbil may take up to a year more than originally expected. Third quarter earnings for Harmonic (NYSE: HLIT) plummeted to fall short of expectations. In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 579.
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