Investors Embrace QE3
The Federal Reserve's third round of stimulus measures sent the markets soaring to a sharply higher close with the Dow leaping 206 points to 13,539. Nasdaq surged 41 points to 3155.
On the upside
Shares of Sunesis Pharmaceuticals (Nasdaq: SNSS) continued climbing after announcing an increase to the sample size of its Phase 3 VALOR trial on Tuesday.
InformationWeek named Arch Coal (NYSE: ACI) one of its 2012 InformationWeek 500 which recognizes innovative users of business technology.
Rising silver prices lifted shares of Hecla Mining (NYSE: HL) and Silvercorp Metals (NYSE: SVM).
On the downside
Morgan Stanley analyst Jay Sole downgraded Skullcandy (Nasdaq: SKUL) to an Equal Weight rating and cut his price target to $15 from $21. The Motley Fool CAPS investing community gave Cell Therapeutics (Nasdaq: CTIC) its lowest rating of one star.
US Airways (NYSE: LCC) followed the lead of Southwest (NYSE: LUV) by increasing roundtrip airfares by $10 on approximately 10% of its routes.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 853.
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