The markets extended its gains during the midday with the Dow soaring 132 points to 11,379 on news that global central banks will infuse cash into struggling European banks. Nasdaq rose 11 points to 2584.
On the upside
Morgan Stanley (NYSE: MS) announced that chairman John Mack will retire at the end of 2011.
Boise (NYSE: BZ) will repurchase an additional $75 million worth of common stock.
Newcastle Investment (NYSE: NCT) increased its quarterly dividend from 10 cents to 15 cents per share payable on October 10 to shareholders of record October 3.
On the downside
Perfect World (Nasdaq: PWRD) cut its revenue outlook for the third quarter as the company reduces in-game promotional activities.
American Semiconductor (Nasdaq: AMSC) sued Sinovel for engaging and paying an employee to steal intellectual property from American Semiconductor.
KIT digital (Nasdaq: KITD) priced its public offering of 3.2 million common shares at $9.50 per share.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks rose 5 points to 709.
