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Markets Soar At Midday As Unemployment Rate Drops
Posted on February 03, 2012 at 14:24 PM EST
The nation's unemployment rate dropped to a three year low to boost the markets sharply higher during the midday with the Dow surging 150 points to 12,855. Nasdaq leaped 46 points to 2906. On the upside Fourth quarter earnings slipped for Power-One (Nasdaq: PWER) but the results beat analyst expectations. Zoltek (Nasdaq: ZOLT) reversed year ago losses to post a profit for the first quarter.
Bargain hunters snapped up shares of Sony (NYSE: SNE), whose stock price tumbled after reporting a significant third quarter loss and warned of wider than expected losses for the full year. On the downside Fourth quarter earnings slipped for Edwards Lifesciences (NYSE: EW) as sales fell short of expectations. Aon (NYSE: AON) reported higher fourth quarter earnings but operating margins fell.
STR Holdings (NYSE: STRI) warned of losses for the fourth quarter and projected revenue far short of expectations. In the broad market, advancing issues outpaced decliners by a margin of more than 7 to 2 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks jumped 17 points to 830.
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