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Market Wrap-up
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Market Wrap for Wednesday March 10, 2010
NYSE up 33.7 (0.5%) to 7,327.69.
DJIA up 2 (0.03%) to 10,567.32.
S&P 500 up 5 (0.5%) to 1,146.
Nasdaq up 18.27 (0.8%) to 2,359.
GLOBAL SENTIMENT
Hang Seng flat
Nikkei down 0.04%
FTSE up 0.61%
UPSIDE MOVERS
FACT continues evening surge on buyout news.
ITMN continues evening surge on drug progress.
SUTR announces new deals.
CHINA announces company share repurchases.
AGN botox treatment gets FDA approval.
EXLS beats with Q4.
OCLS gets FDA clearance for skin treatment.
AEO meets with earnings, beats with revenue.
CHOP guides for revenue beat.
HRBN beats with Q4.
PLCE turns up, guidance straddles Street view.
SOL turns higher on beat, upbeat revenue guidance.
DOWNSIDE MOVERS
QLTI guides for sales miss.
APT turns down despite Q4 beat.
DSCO down despite reporting narrower loss.
RMIX misses with results.
JCG continues downside action after evening reversal followed mostly upbeat earnings report.
MARKET
Financial shares were leaders. The KBW bank index is up 2.5% and earlier hit its highest intraday level since November 2008.
The Commerce Department said January wholesale inventories fell 0.2% following a 1% drop in December. Sales rose 1.3%, however, scoring a 10th consecutive gain.
Abbott Laboratories (ABT) agreed to buy Facet Biotech (FACT) for $27 a share late Tuesday, topping a failed bid from Biogen Idec (BIIB).
The market got extra support from data showing U.S. wholesale inventories fell unexpectedly in January and sales hit their highest in more than a year.
Crude futures rose to finish above $82 a barrel on Wednesday, lifted by better-than-expected U.S. supplies data, a strong economic report from China and forecasts of higher global demand. Crude oil for April delivery finished up 60 cents, or 0.7%, at $82.09 a barrel. Crude earlier jumped to $83.12 a barrel, its highest level since it reached a 2010 high of $83.25 barrel on Jan. 8.
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