Unemployment Drops In Major Cities, Markets Close Higher

More than three-quarters of the nation's cities reported a drop in their unemployment rate to lift the markets to a higher close with the Dow climbing 32 points to 12,426. Nasdaq gained 8 points to 2799.

On the upside

Elan (NYSE: ELN) will host its first quarter earnings conference call on Wednesday April 20, 2011 at 8:30am Eastern Time.

KeyBanc Capital Markets upgraded La-Z-Boy (NYSE: LZB) to a Buy rating.

Nu Skin Enterprises (NYSE: NUS) lifted its first quarter revenue and earnings outlook.

On the downside

Inhibitex (Nasdaq: INHX) will commence a public offering of common shares to raise capital.

Investors locked in profits on Molycorp (NYSE: MCP), whose shares rose on Monday after the rare earth oxides firm acquired a majority stake in European rare earth processor AS Simet.

Vale (NYSE: VALE) will modestly increase its iron ore output for 2011 as demand continued to climb. Investors hoped for greater output to meet growing global demand.

In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 5 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 854.


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