Weaker than expected expansion of the nation’s economy lifted the markets during the midday with the Dow climbing 82 points to 14,842 with expectations mounting that the Federal Reserve would continue its stimulus measures. Nasdaq gained 21 points to 3369.
On the upside
Shares of Luxoft Holding (NYSE: LXFT) surged in its market debut.
Nomura upgraded MGM Resorts (NYSE: MGM) to a Buy rating from a Neutral rating and lifted its price target to $18 from $16.
The Food and Drug Administration granted orphan drug exclusivity to Raptor Pharmaceutical’s (Nasdaq: RPTP) cysteamine bitartrate delayed-release capsules to treat nephropathic cystinosis.
On the downside
Canadian telecommunications companies Rogers Communications (NYSE: RCI) and TELUS (NYSE: TU) will both offer the fourth generation iPad with Wi-Fi + Cellular and the iPad mini with Wi-Fi + Cellular with data plans that do not include a contract. Price war concerns sent both stocks tumbling.
Falling gold prices weighed down shares of Barrick Gold (NYSE: ABX), Gold Fields (NYSE: GFI) and McEwen Mining (NYSE: MUX).
Investors locked in profits on CombiMatrix (Nasdaq: CBMX).
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE by nearly 9 to 7 on Nasdaq. The broader S&P 500 index gained 9 points to 1597.
