Markets Soar On Strong Earnings And Industrial Production
October 16, 2012 at 09:41 AM EDT
A better than expected gain in industrial production along with strong corporate earnings sent the markets soaring to a sharply higher close with the Dow leaping 127 points to 13,551. Nasdaq surged 36 points to 3101.On the upsideMotley Fool listed Cliffs Natural Resources (NYSE: CLF) as one of four mid-cap stocks with much upside potential. First Solar (Nasdaq: FSLR) will build solar power plants in Indonesia that will generate 100 megawatts of solar power.BlackRock will create three low cost funds that will use MSCI (NYSE: MSCI) indexes and will not reduce fees on any exchange traded funds that track MSCI benchmarks.On the downsideDiebold (NYSE: DBD) blamed delays in Brazil for lowering its full year guidance.Investors locked in profits on James River Coal (Nasdaq: JRCC) whose stock price climbed last week after Dahlman & Rose said that Chinese coal demand would increase.InterOil (NYSE: IOC) announced that it entered into a five year $100 million secured loan facility.In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 7 points to 835.