Bernanke Hints At Further Stimulus, Markets Higher
The markets traded higher during the midday with the Dow gaining 53 points to 13,054 as Federal Reserve Chairman Ben Bernanke suggested that additional stimulus measures may be necessary. Nasdaq rose 7 points to 3056.
On the upside
Splunk (Nasdaq: SPLK) reported a smaller than expected loss for the second quarter, forecast third quarter results ahead of estimates and raised its full year guidance.
Shares of Sarepta Therapeutics (Nasdaq: SRPT) continued climbing after a news report yesterday highlighted positive results in a small, mid-stage trial of the company's Duchenne Muscular Dystrophy treatment Eteplirsen.
Dahlman Rose upgraded Thompson Creek Metals (NYSE: TC) to a Buy rating.
On the downside
An appeals court remanded Akamai's (Nasdaq: AKAM) patent infringement suit against Limelight Networks (Nasdaq: LLNW). Shares of Zynga (Nasdaq: ZNGA) fell after analysts slashed their price targets for Facebook (Nasdaq: FB).
Shares of Digital Domain Media (NYSE: DDMG) continued falling.
In the broad market, advancing outpaced decliners by a margin of 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 810.
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