Closing Bell Report
Investors eagerly anticipating another interest rate cut lifted the markets to a higher close even as crude oil prices soared to settle at a record $93.53 a barrel. The Dow surged 64 points to 13,870 while Nasdaq climbed 13 points to 2817.


On the upside

Soaring oil prices lifted shares of solar cell maker China Sunergy (Nasdaq: CSUN).

Third quarter earnings for CTC Media (Nasdaq: CTCM) more than doubled as advertising revenue climbed.

Shares of Suntech Power (NYSE: STP) surged as crude oil prices soared to new highs.

On the downside

Clayton Holdings (Nasdaq: CLAY) was downgraded after reporting a third quarter loss on Friday.

Following the FBI raid on WellCare Health Plans' (NYSE: WCG) headquarters, the Securities and Exchange Commission has also requested information from the managed health care services provider.

Champion Enterprises (NYSE: CHB) will refinance its debt through a $130 million senior convertible notes offering.

In the broad market, advancing issues outpaced decliners by a margin of 7 to 5 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 822.

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