Higher Close On Upbeat Data
November 21, 2012 at 09:18 AM EST
Upbeat economic data lifted the markets to a higher with the Dow climbing 48 points to 12,836 ahead of the Thanksgiving holiday. Nasdaq gained 9 points to 2926.On the upsideShares of Groupon (Nasdaq: GRPN) continued climbing after Tiger Global Management disclosed yesterday that it acquired a 9.9% stake in the online daily deals company.MBIA (NYSE: MBI) extended its gains after recommending to note holders yesterday to reject Bank of America’s (NYSE: BAC) tender offer.IDG-Accel China Growth Fund made an unsolicited offer to acquire MEMSIC (Nasdaq: MEMS) for a premium of $4.00 per share in cash.On the downsideA Seeking Alpha contributor questioned the integrity of Cleantech Solutions’ (Nasdaq: CLNT) financial reports and press releases.Electrobas (NYSE: EBR) stock continued falling over concerns that rate cuts will hurt profits.Chemical & Mining (NYSE: SQM) reported higher third quarter earnings and revenue but the stock price dropped.In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 4 points to 798.
