Closing Bell Report

The Federal Reserve's quarter point rate cut sent the markets soaring to a sharply higher close with the Dow leaping 138 points to 13,930. Nasdaq jumped 42 points to 2859.

On the upside

Chinese insurance agency CNinsure (Nasdaq: CISG) surged on its first day of trading.

Higher licensing and commission revenue boosted third quarter earnings for Iconix Brand (Nasdaq: ICON) more than two times to beat expectations.

Commerce Group (NYSE: CGI) will be acquired by Spanish insurer Mapfre SA in a deal valued at approximately $2.21 billion.

On the downside

Surging sales lifted third quarter earnings above expectations for Huron Consulting (Nasdaq: HURN) but the company warned that fourth quarter as well as full year results will fall short of estimates.

An analyst downgraded LCA-Vision (Nasdaq: LCAV) after the company warned that fourth quarter results will miss expectations.

Monaco Coach (NYSE: MNC) swung to a third quarter profit but forecast disappointing fourth quarter results.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by a margin nearly of 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 12 points to 828.

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