The markets surged on news that the Federal Reserve will infuse the financial markets with $200 billion to alleviate the credit crisis. The Dow leaped 259 points to 11,999 while Nasdaq jumped 50 points to 2219.
On the upside
While fourth quarter earnings slipped for Stage Stores (NYSE: SSI) due to a quarter with one less week, the results topped expectations.
Although one time costs weighed down fourth quarter earnings for Global Sources (Nasdaq: GSOL), the results surpassed estimates.
On the downside
Despite higher revenue, fourth quarter earnings for Superior Well Services (Nasdaq: SWSI) tumbled to fall far short of estimate due to pricing pressures and shutdowns that were longer than expected.
Spartech (NYSE: SEH) swung to a loss for the first quarter as sales dropped.
Build-A-Bear Workshop (NYSE: BBW) increased its share repurchase plan from $25 million to $50 million.
In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks surged 15 points to 659.