Higher Close Over Fed's Plan
The markets closed higher with the Dow rising 53 points to 13,593 as investors embraced the Federal Reserve's plan to enact further measures to stimulate the stagnant economy. Nasdaq gained 28 points to 3183.
On the upside
Reuters reported that Groupon (Nasdaq: GRPN) will expand its international deals.
IAMGOLD (NYSE: IAG) increased its private placement offering from $500 million aggregate principal amount of senior unsecured notes to $659 million aggregate principal amount of notes.
On Assignment (NYSE: ASGN) priced a public secondary offering of more than 5 million common shares at the discounted price of $17 per share.
On the downside
Valeant Pharmaceuticals (NYSE: VRX) will syndicate an additional $1 billion of incremental term B loans. Investors locked in profits on Quiksilver (NYSE: ZQK) whose stock price rose yesterday after an upgrade.
Shares of Swift Transportation (NYSE: SWFT) and Knight Transportation (NYSE: KNX) both fell after rival transportation services company Werner Enterprises (Nasdaq: WERN) warned that third quarter earnings would fall short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 864.
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