Upbeat Manufacturing Data Boosts Markets
October 01, 2012 at 07:15 AM EDT
The first expansion of manufacturing activity in four months sent the markets soaring during the midday with the Dow surging 130 points to 13,567. Nasdaq added 3 points to 3120.On the upsideNokia (NYSE: NOK) will provide maps and location based services to Oracle’s (Nasdaq: ORCL) clients. Delta Air Lines (NYSE: DAL) will bring back flights between Pittsburgh and Paris for one year in 2013.FONAR (Nasdaq: FONR) reported sharply higher earnings for fiscal 2012 compared with fiscal 2011.On the downsideConcerns arose over the effectiveness of Threshold Pharmaceuticals’ (Nasdaq: THLD) pancreatic cancer treatment TH-302.Standard & Poor’s lifted its corporate credit rating on Pentair (NYSE: PNR) to BBB from BBB- but the stock price fell.EdR (NYSE: EDR) reported that same-community opening occupancy rate for 2013-2013 dropped to 90.5% from 94.7% the previous year.In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks edged up a fraction to 838.
