Continued QE3 Enthusiasm Lifts Markets
The markets opened higher with the Dow climbing 90 points to 13,630 as enthusiasm continued over the Federal Reserve's third round of stimulus measures. Nasdaq gained 34 points to 3190.
On the upside
Fortune reported that Staples (Nasdaq: SPLS) may be taken private.
During Mad Money TV's Lightening Round, Jim Cramer said to buy Cliff Natural Resources (NYSE: CLF).
Mechel (NYSE: MTL) engaged in discussions to sell a stake in its Siberian coal deposit.
On the downside
ParkerVision (Nasdaq: PRKR) will sell more than 4.38 million shares of common stock at the discounted price of $2.30 per share in a registered direct offering. Raymond James downgraded Spirit Airlines (Nasdaq: SAVE) to a Market Perform rating.
Werner Enterprises (Nasdaq: WERN) forecast third quarter earnings that fell short of analyst expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 866.
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