Markets Close Higher Even As Stimulus Expectations Tempered

The markets retreated from earlier advances but managed to close modestly higher with the Dow gaining 44 points to 12,491 after Federal Reserve Bank of Dallas President Richard Fisher tempered expectations of further stimulus measures. Nasdaq rose 15 points to 2796.

On the upside

Ladenburg Thalmann initiated coverage of ZAGG (Nasdaq: ZAGG) with a Buy rating.

Regulators approved the merger between Perdigao and Sadia that created Brasil Foods (NYSE: BRFS).

Titanium Metals (NYSE: TIE) extended its titanium supply agreement with Boeing.

On the downside

Forest City Enterprises (NYSE: FCEA) announced plans to offer $250 million iin senior convertible notes.

BioLase Technology (NYSE: BLTI) reported higher preliminary second quarter results but said that $2 million worth of orders were not shipped due to changes made to the order at the last minute.

Business Insider reported that Research in Motion (Nasdaq: RIMM) has yet to make a profit from its PlayBook.

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks gained 7 points to 836.
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