The markets surged to close sharply higher over news that Citigroup secured a $7.5 billion investment from the Abu Dhabi Investment Authority. The Dow leaped 215 points to 12,958 while Nasdaq soared 40 points to 2581.
On the upside
Barclays (NYSE: BCS) reaffirmed its earnings outlook.
Higher revenue lifted fourth quarter earnings for Datawatch (Nasdaq: DWCH) to beat expectations.
On the downside
Even though Bidz.com (Nasdaq: BIDZ) reported a 78% surge in holiday sales over the Thanksgiving weekend, the online jewelry auctioneer forecast revenue at the low end of estimates.
Fourth quarter earnings for AECOM Technology (NYSE: ACM) rose to beat expectations but the professional and technical support services provider disappointed with fiscal 2008 results that were merely in line with estimates.
Concerns that Ambac Financial (NYSE: ABK) must raise more capital to maintain its credit rating sent shares of the bond insurer tumbling.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 8 points to 743.