Markets Soar On Upbeat Economic Data
November 01, 2012 at 10:07 AM EDT
Upbeat jobs data along with strong gains in consumer confidence lifted that markets to a sharply higher close with the Dow soaring 136 points to 13,232. Nasdaq jumped 42 points to 3020.On the upsideThird quarter earnings fell for Sourcefire (Nasdaq: FIRE) but the results were better than expected and the company forecast current quarter results ahead of estimates.Advance Auto Parts (NYSE: AAP) retained the services of Blackstone Advisory to explore a possible sale of the company.K-Swiss (Nasdaq: KSWS) narrowed third quarter losses more than expected even as revenue fell. On the downsidePfizer (NYSE: PFE) will conduct additional tests on Pain Therapeutics’ (Nasdaq: PTIE) pain treatment Remoxy before deciding whether or not to continue developing the medication. Durect’s (NYSE: DRRX) Oradur technology was used to formulate Remoxy.Berry Petroleum (NYSE: BRY) disappointed with sharply lower third quarter earnings that fell short of analyst expectations.Third quarter earnings surged for Ocwen Financial (NYSE: OCN) but the results missed expectations.In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 827.
