Higher Close On Upbeat Earnings
Posted on January 22, 2013 at 17:19 PM EST
Upbeat earnings news lifted the markets to a higher close with the Dow gaining 62 points to 13,712. Nasdaq rose 8 points to 3143.
On the upside
Shares of Chinese solar stocks LDK Solar (NYSE: LDK), Trina Solar (NYSE: TSL) and Yingli Green Energy (NYSE: YGE) all rose on news that Chinese demand for photovoltaic modules soared in the fourth quarter to one third of the global market.
Rising home sales in 2012 lifted shares of mortgage insurers Assured Guaranty (NYSE: AGO), MBIA (NYSE: MBI) and Radian Group (NYSE: RDN).
On the downside
TAL Education Group (NYSE: XRS) reported lower third quarter earnings due to changes in Beijing's education policy and forecast current quarter revenue below expectations. II-VI (Nasdaq: IIVI) disappointed with lower second quarter earnings that fell short of expectations and forecast third quarter revenue below estimates.
Synovus Financial (NYSE: SNV) reported sharply higher fourth quarter earnings as a result of a tax benefit but interest income dropped to miss expectations.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 index rose 6 points to 1492.
Assured Guaranty Ltd. Dow Jones Industrial Average Dow Jones Industrial Average (EOD) Ii-Vi, Inc. Keryx Biopharmaceuticals, Inc. LDK Solar MBIA, Inc. NASDAQ 100 NASDAQ Composite NYSE COMPOSITE INDX Radian Group, Inc. Standard & Poors 500 Synovus Financial Corp TAL Education Group Trina Solar Ltd. Yingli Green Energy Holding Co. Ltd. ADS
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