Markets Retreat But Close Higher After Bernanke's Comments
The markets retreated from earlier highs but still closed higher with the Dow climbing 77 points to 13,515 after Federal Reserve chairman Ben Bernanke said that the economy was expanding too slowly to lower the nation's unemployment rate. Nasdaq slipped 2 points to 3113. On the upside
Synta Pharmaceuticals (Nasdaq: SNTA) reported upbeat interim results from a midstage clinical trial of non-small cell lung cancer treatment ganetespib. Gol Linhas (NYSE: GOL) rival TAM announced a 7% reduction in domestic routes in 2013. TRW Automotive Holdings (NYSE: TRW) will repurchase up to $1 billion worth of stock over two years. On the downside MEMC Electronic Materials (NYSE: WFR) secured a $200 million term loan. Paragon Report issued a research report on Molycorp (NYSE: MCP) saying that increased production will pressure prices. Morgan Stanley downgraded Molson Coors (NYSE: TAP) to an Underweight rating. In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 840.