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Upbeat Manufacturing Activity Lifts Markets
Monday November 02, 2009 - 15:43 PM EST
Better than expected expansion of manufacturing activity lifted the markets to a higher close with the Dow rising 76 points to 9789. Nasdaq added 4 points to 2049.
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Better than expected expansion of manufacturing activity lifted the markets to a higher close with the Dow rising 76 points to 9789. Nasdaq added 4 points to 2049.
On the upside Raymond James analyst Daryl Swetlishoff upgraded Domtar (NYSE: UFS) after the paper maker reported surprisingly strong third quarter results on Friday. A unit of Revlon (NYSE: REV) is in discussions to amend its credit agreements. Shares of Entercom Communications (NYSE: ETM) rose ahead of its earnings release after market close. On the downside CapitalSource (NYSE: CSE) swung to a larger than expected third quarter loss due to significant loan loss provisions. Although Dean Foods (NYSE: DF) reported higher third quarter earnings, the company's outlook disappointed. Modine Manufacturing (NYSE: MOD) executive vice president, chief financial officer and director Bradley C. Richardson resigned. In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while decliners edged out advancers by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a fraction to 562.
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