Higher Close On Upbeat Data
Upbeat economic data lifted the markets to a higher with the Dow climbing 48 points to 12,836 ahead of the Thanksgiving holiday. Nasdaq gained 9 points to 2926.
On the upside
Shares of Groupon (Nasdaq: GRPN) continued climbing after Tiger Global Management disclosed yesterday that it acquired a 9.9% stake in the online daily deals company.
MBIA (NYSE: MBI) extended its gains after recommending to note holders yesterday to reject Bank of America's (NYSE: BAC) tender offer.
IDG-Accel China Growth Fund made an unsolicited offer to acquire MEMSIC (Nasdaq: MEMS) for a premium of $4.00 per share in cash.
On the downside
A Seeking Alpha contributor questioned the integrity of Cleantech Solutions' (Nasdaq: CLNT) financial reports and press releases.
Electrobas (NYSE: EBR) stock continued falling over concerns that rate cuts will hurt profits.
Chemical & Mining (NYSE: SQM) reported higher third quarter earnings and revenue but the stock price dropped.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 798.
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