Closing Bell Report

Optimism that the Fed will lower interest rates next month lifted the Dow 60 points to close at 13,372. Nasdaq fell 7 points to 2661.

On the upside

SeaChange International (Nasdaq: SEAC) reversed year ago losses to post a third quarter profit as revenue rose to surpass expectations.

Shares of Freddie Mac (NYSE: FRE) and Fannie Mae (NYSE: FNM) surged as investors interpreted comments by Fed chief Ben Bernanke as indicative of an interest rate cut next month.

Shares of homebuilder D. R. Horton (NYSE: DHI) rose as the government nears an agreement with bankers to freeze the interest rate of subprime loans for up to seven years.

On the downside

Lululemon Athletica (Nasdaq: LULU) reported third quarter earnings that more than tripled as sales soared but the stock price fell.

Moody's Investor Service cited Global Cash Access' (NYSE: GCA) third quarter earnings delay for placing the company on review.

A Motley Fool article questioning Sirtiris Pharmaceuticals' (Nasdaq: SIRT) high valuation sent the stock price tumbling.

In the broad market, advanicng issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 768.

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