Higher Close As Spain Unveils Spending Cuts
The markets closed higher with the Dow climbing 72 points to 13,485 as Spain introduced a 2013 budget containing across the board spending cuts. Nasdaq soared 42 points to 3136.
On the upside
First Solar (Nasdaq: FSLR) will build four solar power plants totaling 20 megawatts in New Mexico.
AspenBio Pharma (Nasdaq: APPY) will begin a clinical trial of its blood-based appendicitis test in the fourth quarter.
Eagle Materials (NYSE: EXP) will pay approximately $446 million to purchase two cement plants.
On the downside
Profit taking sank shares of Life Partners Holdings (Nasdaq: LPHI).
Shares of RadioShack (NYSE: RSH) continued falling after chief executive James Gooch resigned earlier this week.
Actuant (NYSE: ATU) fell to a loss for the fourth quarter and forecast current quarter results below estimates.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 843.
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