The National Bureau of Economic Research announced that the recession officially ended in June 2009 sending the markets higher during the midday with the Dow soaring 101 points to 10,709. Nasdaq advanced 23 points to 2339.
On the upside
Internet Brands (Nasdaq: INET) agreed to be acquired by private equity firm Hellman & Friedman Capital Partners in a deal valued at approximately $640 million.
Homebuilder Lennar (NYSE: LEN) reversed year ago losses to post a better than expected profit for the third quarter as orders fell less than expected.
On the downside
Goldman Sachs warned that earnings may drop for International Paper (NYSE: IP), Packaging Corp. of America (NYSE: PKG) and Temple-Inland (NYSE: TIN) after a trade publication said that containerboard prices will not increase.
Shares of Arena Pharmaceuticals (Nasdaq: ARNA) continued falling after a Food and Drug Administration advisory panel rejected the biopharmaceutical's obesity drug Iorcaserin last week.
EnergySolutions (NYSE: ES) named William Benz to the position of interim chief financial officer to replace Mark C. McBride.
In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on the NYSE and by more than 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 10 points to 661.