Bernanke Predicts Recession To End At End Of 2009

Federal Reserve chairman Ben Bernanke's comments before Congress that the recession should end by the end of the year lifted the markets during the midday with the Dow gaining 87 points to 7202. Nasdaq climbed 16 points to 1403.

On the upside

While Nordstrom (NYSE: JWN) reported lower fourth quarter earnings and revenue, the results topped estimates.

Fourth quarter earnings for Quanta Services (NYSE: PWR) climbed to surpass expectations.

Credit Suisse upgraded Royal Caribbean (NYSE: RCL).

On the downside

Huron Consulting Group (Nasdaq: HURN) reported lower fourth quarter earnings that fell short of expectations.

Fourth quarter earnings dropped for RadioShack (NYSE: RSH).

Office Depot (NYSE: ODP) blamed significant restructuring charges for a $1.54 billlion fourth quarter loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added 6 points to 401.