The markets closed higher with the Dow climbing 80 points to 13,575 after European Central Bank president Mario Draghi affirmed the bank's commitment to resolving the debt crisis. Nasdaq rose 14 points to 3149. On the upside
Bargain hunters lifted shares of ArQule (Nasdaq: ARQL) whose stock price collapsed on Tuesday after the company halted clinical trials of its lung cancer treatment tivantinib for failing to improve survival rates. Flagstar Bank (NYSE: FBC) joined the University of Michigan Athletic Department's corporate partner program. Mattress Firm Holding (Nasdaq: MFRM) priced a secondary offering of more than 4.7 million common shares at $29.85 per share. On the downside Cell Therapeutics (Nasdaq: CTIC) will sell 40,000 shares of convertible preferred stock. Emulex (Nasdaq: ELX) will present a webcast on October 10 on Why I/O Is Strategic For Virtualized Environments. Barclays expects Brazilian homebuilders to recover but shares of Gafisa (NYSE: GFA) fell. In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 844.