The Dow leaped nearly 320 points to lift the markets to a higher close after Goldman Sachs reassured investors that it will not write off any more losses. The blue chip index closed at 13,307 while Nasdaq leaped 90 points to 2674.
On the upside
A surge in international sales boosted third quarter earnings for Fossil (Nasdaq: FOSL). The watch maker also forecast full year results ahead of expectations.
Bidz.com (Nasdaq: BIDZ) reported third quarter earnings that more than tripled and forecast full year results above expectations.
Diana Shipping (NYSE: DSX) received its new $110 million dry bulk carrier which increases its fleet size to 17 vessels.
On the downside
As part of a restructuring plan, Nastech Pharmaceutical (Nasdaq: NSTK) will focus on Phase 2 clinical trials and establish its subsidiary MDRNA as an independent company.
Assisted Living Concepts (NYSE: ALC) disappointed with third quarter revenue that missed expectations.
In order to finance its acquistion of generic drug maker Merck KGaA, Mylan (NYSE: MYL) must place $4.1 billion in debt.
In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by more than 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 10 points to 777.