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.