Closing Bell Report

The markets surged to a higher close ahead of the Federal Reserve's interest rate decision. The Dow leaped 101 points to 13,727 while Nasdaq climbed 13 points to 2719.

On the upside

Cardica (Nasdaq: CRDC) announced that an off-pump coronary artery bypass graft procedure will be webcast live with surgeons using Cardica's anastomotic devices.

Citi Investment Research analyst Mark Mahaney upgraded Bankrate (Nasdaq: RATE) after the company announced that will buy Nationwide Card Services and

News that MBIA (NYSE: MBI) will receive a $1 billion investment lifted shares of mortgage insurance firm MGIC Investment (NYSE: MTG).

On the downside

Kosan Biosciences (Nasdaq: KOSN) reported that the patient response rate to its multiple myeloma treatment tanespimycin was lower than in a previous study. (Nasdaq: OSTK) warned that fourth quarter margins will be lower than expected due to discounting and sales promotions.

J. P. Morgan Securities analyst Jonathan B. Chappell cited weakness in two key markets for downgrading Horizon Lines (NYSE: HRZ).

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 6 points to 791.

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