Markets Rise On Upbeat Housing Data
Upbeat housing data lifted the markets during the midday with the Dow gaining 39 points to 13,604. Nasdaq added a point to 3179.
On the upside
The Paragon Report issued a research report saying that DryShips (Nasdaq: DRYS) will benefit from increased iron ore demand in China.
New home construction climbed 2.3% in August to lift shares of PulteGroup (NYSE: PHM) and Beazer Homes (NYSE: BZH).
United Airlines (NYSE: UAL) launched its new pre-screening initiative Transportation Security Administration's PreCheck at Newark Liberty International Airport and Dulles International Airport.
On the downside
Bank of America downgraded Idenix Pharmaceuticals (Nasdaq: IDIX) to a Neutral rating and lowered its price target from $8 to $6.
Investors locked in profits on DARA Biosciences (Nasdaq: DARA), whose stock price rose after securing the exclusive U. S. commercial rights to Helsinn's oral mucositis treatment Gelclair.
Profit taking sank shares of Catalyst Pharmaceutical Partners (Nasdaq: CPRX).
In the broad market, advancing issues outpaced decliners by a margin of 5 to 3 on the NYSE while advancers were on par with decliners on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 856.
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