Mixed Close Over Economic Data
The markets closed mixed with the Dow climbing 82 points to 13,034 as disappointing job creations numbers tempered enthusiasm for an unexpected gain in factory orders. Nasdaq dropped 22 points to 2973.
On the upside
Bank of America (NYSE: BAC) will simplify the mortgage application process due to increased demand.
Shares of Alpha Natural Resources (NYSE: ANR) and Arch Coal (NYSE: ACI) soared on expectations of greater coal consumption in China and India.
Cobalt International Energy (NYSE: CIE) announced the discovery of oil at its North Platte prospect in the Gulf of Mexico.
On the downside
Wells Fargo warned that New Oriental Education & Technology Group (NYSE: EDU) was in danger of being delisted.
Shares of Select Comfort (Nasdaq: SCSS) fell after rival Mattress Firm Holding (Nasdaq: MFRM) cut its guidance for the full year.
Profit taking continued to sink shares of Qihoo 360 Technology (NYSE: QIHU), whose stock price rose on Monday after the Wall Street Journal profiled company founder Zhou Hongyi over the weekend.
In the broad market, advancing issues edged out decliners by a margin of nearly 10 to 9 on the NYSE while decliners outpaced advancers by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 820.
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