Fed Expects Unemployment Rate To Fall, Markets Close Higher

The Federal Reserve trimmed its gross domestic product outlook for the year but said that the nation's unemployment rate is expected to decline. The markets closed higher with the Dow climbing 95 points to 12,690 while Nasdaq gained 22 points to 2869.

On the upside

Regeneron Pharmaceuticals (Nasdaq: REGN) and Sanofi-Aventis (NYSE: SNY) reported positive results from a late stage clinical trial of their colon cancer treatment Zaltrap.

Surging silver prices lifted shares of Silver Wheaton (NYSE: SLW), Endeavor Silver (NYSE: EXK) and First Majestic Silver (NYSE: AG).

The Centers for Medicare and Medicaid certified Genetic Technologies' (Nasdaq: GENE) Australian laboratory allowing the company to launch its BREVAGen breast cancer test.

On the downside

First quarter earnings rose for P. F. Chang's China Bistro (Nasdaq: PFCB) but the results fell short of analyst expectations.

CB Richard Ellis Group (NYSE: CBG) reversed year ago losses to post a profit for the first quarter but revenue fell short of expectations.

United States Steel (NYSE: X) narrowed first quarter losses but the loss was greater than expected prompting a downgrade.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 5 points to 858.

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