HPC Market Watch

Closing Bell Report
Rising consumer confidence and retreating oil prices lifted the markets to a sharply higher close with the Dow leaping 266 points to 11,398. Nasdaq jumped 55 points to 2320.

On the upside

While third quarter earnings for Headwaters (NYSE: HW) plunged due to the slumping housing construction, the results surpassed estimates.

Shares of bond insurers Ambac Financial Group (NYSE: ABK), MBIA (NYSE: MBI) and Radian Group (NYSE: RDN) surged after the cost of debt protection fell.

East West Bancorp (Nasdaq: EWBC) blamed loan loss provisions for reporting a preliminary loss for the second quarter but stated that loan loss provisions will decrease by the end of 2009.

On the downside

Sirius Satellite (Nasdaq: ) will raise capital to finance its acquisition of XM Satellite Radio (Nasdaq: XMSR) through the sale of discounted stock.

Sepracor (Nasdaq: SEPR) disappointed with second quarter earnings that fell short of estimates and lowered its full year outlook.

Although Questar (NYSE: STR) reported higher second quarter earnings, revenue fell short of expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks soared 18 points to 715.

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