Drop In Jobless Claims Boost Markets

First time applications for unemployment benefits fell more than expected last week the send the markets soaring to close sharply higher with the Dow leaping 180 points to 15,176. Nasdaq jumped 44 points to 3445.

On the upside

Shares of Sinclair Broadcast Group (Nasdaq: SBGI) rose on news that Gannett (NYSE: GCI) will acquire broadcast television station owner (NYSE: BLC) for approximately $1.5 billion.

Cliffs Natural Resources (NYSE: CLF) extended its iron ore pellet sale and purchase agreement with Essar Steel Algoma to 2024.

Reuters reported that Strategic Hotels & Resorts (NYSE: BEE) retained the services of Eastdil Secured to explore the possible sale of the company.


On the downside


A Seeking Alpha contributor wrote that a multi-million dollar insider deal could bankrupt Erickson Air-Crane (Nasdaq: EAC).


ECOtality (Nasdaq: ECTY) will raise approximately $8.19 million through a private placement of more than 5 million common shares.


Investors locked in profits on Ballard Power Systems (Nasdaq: BLDP).

In the broad market, advancing issues outpaced decliners by a margin of 9 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 index soared 23 points to 1636.

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