Fed Continues Bond Buying, Markets Close Higher

The Federal Reserve will continue purchasing bonds to sustain the economy which lifted the markets to a higher close with the Dow rising 55 points to 14,511. Nasdaq soared 25 points to 3254.

On the upside

Shares of Model N (NYSE: MODN) surged on its first trading day.

Sterne Agee analyst Henry J. Coffey Jr. upgraded Walter Investment Management (NYSE: WAC) to a Buy rating.

Toll Brothers (NYSE: TOL) sold 21 units of its new 22-unit Touraine condominium project in Manhattan that will open in May, 2012.

On the downside

Shares of Maxwell Technologies (Nasdaq: MXWL) continued falling after Morgan & Morgan joined a growing list of law firms filing class action lawsuits against Maxwell for making false and misleading statements on financial reports.

Harvest Natural Resources (NYSE: HNR) extended its losses after announcing yesterday that it may have to restate financials going back three years due to accounting errors.

Rockwell Medical (Nasdaq: RMTI) announced a registered direct offering to sell 4.3 million common shares at the discounted price of $3.00 per share.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index climbed 10 points to 1558.

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