Higher Close On Strong Earnings

Strong earnings news along with a drop in jobless claims lifted the markets to a higher close with the Dow climbing 62 points to 14,865. Nasdaq added 2 points to 3300.

On the upside

Sinclair Broadcast Group (Nasdaq: SBGI) will pay approximately $361 million to acquire Fisher Communications (Nasdaq: FSCI).

Penn Virginia (NYSE: PVA) announced a cash tender offer for all 10.375% senior notes due in 2016.

Extension of the Home Affordable Refinance Program lifted shares of mortgage services provider Walter Investment Management (NYSE: WAC).

On the downside

Apogee Enterprises (Nasdaq: APOG) reported higher fourth quarter earnings but the results missed analyst expectations.

Integra LifeSciences (Nasdaq: IART) voluntarily recalled some products that were made at its facility in Anyasco, Puerto Rico.

Profit taking sank shares of PBF Energy (NYSE: PBF), whose stock price rose yesterday on news of a supply agreement with Continental Resources (NYSE: CLR).

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The broader S&P 500 index rose 5 points to 1593.

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