The markets advanced during the midday after President-elect Obama reassured investors that he will implement a plan to address the economic crisis on his first day in office. The Dow climbed 92 points to 8571 while Nasdaq surged 43 points to 1508.
On the upside
Dell (Nasdaq: DELL) announced that it will offer large corporate clients as well as certain smaller businesses zero percent financing. The computer company will also lower prices on some products.Shares of General Motors (NYSE: GM) and Ford (NYSE: F) rose after Deutsche Bank analyst Rod Lache said that a federal bailout of automakers is becoming more likely.
On the downside
The deal to privatize Canadian telecom BCE (NYSE: BCE) may not close due to solvency issues.
J. Crew (NYSE: JCG) reported lower third quarter earnings and cut its full year outlook prompting a downgrade.
Borders Group (NYSE: BGP) widened third quarter losses and announced that it will no longer sell itself.
Andersons (NYSE: ANDE) blamed the volatile plant-nutrient sector for slashing its full year outlook.
