Continuing problems in the mortgage industry prompted hopes of further rate cuts to lift the markets to a higher close with the Dow climbing 58 points to 12,240. Nasdaq gained 15 points to 2320.
On the upside
Empire Resorts (Nasdaq: NYNY) will move Monticello Gaming and Raceway to a new $700 million complex in the Catskills that will include a hotel, restaurants, retail shops, an entertainment center and a convention center.
A weekend edition of Barron's included an upbeat article on JDS Uniphase (Nasdaq: JDSU).
Carlisle Cos. (NYSE: CSL) beat expectations for the fourth quarter.
On the downside
SunTrust Robinson Humphrey analyst Jonathan Block expects the American Medical Association to rate NeuroMetrix's (Nasdaq: NURO) NC-Stat monitor a category III code, which means that Medicare and Medicaid is not likely to reimburse for the use of the product.
CNA Financial (NYSE: CNA) blamed investment losses for sharply lower fourth quarter earnings that missed expectations by a wide margin.
Analysts downgraded Centene (NYSE: CNC) after the managed care company reported lower earnings that fell short of estimates last week.
In the broad market, advancing issues outpaced decliners by a margin of 10 to 9 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 700.