Upbeat Earnings Lift Market To Higher Close
The markets closed modestly higher with the Dow rising 25 points to 13,275 on upbeat corporate earnings news. Nasdaq gained 14 points to 3076.
On the upside
Jefferies & Co. analyst Peter Misek raised his price target on Apple (Nasdaq: AAPL) from $800 to $900.
TheStreet Ratings affirmed its Buy rating on Seagate Technology (Nasdaq: STX).
Bloomberg reported that General Motors (NYSE: GM) will reorganize all global operations.
On the downside
Investors locked in profits on Pluristem Therapeutics (Nasdaq: PSTI) whose stock price climbed this week after announcing a contract with Cato Research to conduct Phase II clinical trials for its intermittent claudication treatment. Retreating gold prices weighed down shares of Harmony Gold Mining (NYSE: HMY).
Citi Investment Research analyst Deborah Weinswig said that Supervalu (NYSE: SVU) must sell assets in order to raise capital.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 819.
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