Markets Recover To Close Higher

The markets recovered in late afternoon trading to close higher with the Dow gaining 38 points to 14,127 despite concerns about the Chinese economy. Nasdaq rose 12 points 3182.

On the upside

The New York Supreme Court sided with MBIA (NYSE: MBI) by dismissing a lawsuit that challenged a restructuring of the bond insurer.

Motley Fool wrote that Genworth Financial (NYSE: GNW) was a cheap stock.

Piper Jaffray said that GlaxoSmithKline may acquire Theravance (Nasdaq: THRX) after the biopharmaceutical's respiratory medication Anoro receives regulatory approval later this year.

On the downside

DragonWave (Nasdaq: DRWI) warned that fourth quarter revenue would fall short of expectations.

A Food and Drug Administration advisory panel rejected Depomed's (Nasdaq: DEPO) menopause treatment Sefelsa.

Shares of mining companies Yamana Gold (NYSE: AUY), Cliffs Natural Resources (NYSE: CLF) and Iamgold (NYSE: IAG) sank over concerns about the Chinese economy.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on both the NYSE and on Nasdaq. The broader S&P 500 index gained 7 points to 1525.

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