Hope For Stimulus Lifts Markets
Federal Reserve Chairman Ben Bernanke cited the weak job market and an 8.3% unemployment rate as causes for concern. The markets closed higher with the Dow climbing 90 points to 13,090 over optimism that the Fed will announce additional stimulus measures. Nasdaq gained 18 points to 3066.
On the upside
Esterline (NYSE: ESL) narrowed third quarter losses as revenue climbed and the company forecast fourth quarter as well as full year earnings ahead of analyst expectations.
Rising silver prices lifted shares of Endeavour Silver (NYSE: EXK), First Majestic Silver (NYSE: AG) and Silvercorp Metals (NYSE: SVM).
A Seeking Alpha contributor listed AuRico Gold (NYSE: AUQ) as one of seven undervalued small cap stocks.
On the downside
Gordmans Stores (Nasdaq: GMAN) reported higher second quarter earnings as revenue rose but comparable store sales barely edged up 0.1%. A Seeking Alpha Contributor wrote that Kinder Morgan (NYSE: KMI) was a better dividend growth stock that Altria (NYSE: MO).
Frontier Communications (NYSE: FTR) added a mere 5,442 broadband customers in the last quarter.
In the broad market, advancing outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 3 points to 811.
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