Markets Surge On Bargain Hunting

Despite a drop in new home sales, the markets surged to close sharply higher with the Dow rocketing 322 points to 11,176 as investors snapped up bargains. Nasdaq leaped 100 points to 2446.

On the upside

TD Newcrest upgraded Ivanhoe Mines (NYSE: IVN) from Hold to Speculative Buy.

Fossil (Nasdaq: FOSL) chief financial officer Mike Kovar purchased 2,000 shares of company stock.

NPD Group reported that Apple's (Nasdaq: AAPL) iPhone 4 was the best selling smartphone in the second quarter with Apple's older iPhone 3GS coming in second.

ExxonMobil (NYSE: XOM) will drill a bypass to its Silvertip in Montana pipeline early next week once all permits have been approved.

Shares of MEMC Electronic Materials (NYSE: WFR) climbed after Goldman Sachs said that the solar industry was close to hitting bottom.

On the downside

USA Truck (Nasdaq: USAK) warned of losses for the third quarter.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 31 points to 683.
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