Markets Up In Anticipation Of Rate Cut

The markets rose during the midday with the Dow climbing 110 points to 8678 in anticipation of a rate cut by the Federal Reserve. Nasdaq leaped 37 points to 1545.

On the upside

Pennsylvania Real Estate Investment Trust (NYSE: PEI) completed $173 million through three mortgage loan financings.

Shares of Genworth Financial (NYSE: GNW) continued surging over expectations that the insurer will become eligible for the government's capital purchase plan after completing its acquisition of InterBank.

Hartford Financial (NYSE: HIG) will reopen its Five-Star Rated Hartford MidCap Fund to new investors due to investment opportunities.

On the downside

Conexant Systems (Nasdaq: CNXT) warned of a first quarter loss due to disappointing demand and slashed its revenue guidance for the first quarter. The semiconductor company also announced the departure of chief financial officer Karen Roscher.

KeyBanc Capital Markets downgraded Cabot (NYSE: CBT).

General Growth Properties (NYSE: GGP) missed a deadline to repay $900 million in debt prompting Moody's Investors Service to downgrade the shopping mall owner's debt ratings.

In the broad market, advancing issues outpaced decliners by nearly 3 to 1 on the NYSE and by 5 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 13 points to 465.