The Dow Gained 62 Points, Nasdaq Adds 14
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The Dow gained 61.93 points today to close at 12,288.10 the Nasdaq gained 13.80 points to close at 2,408.21, and the S&P 500 gained 8.88 points to close at 1,410.94. Stocks moved higher again today on several factors. The markets got some help from positive February new home construction data, more LBO rumors and buyouts announcements and analysts' consensus that the Fed will leave interest rates unchanged at tomorrow's meeting.
Volume was modest with 2.86 billion shares trading on the NYSE and 1.78 billion trading on the Nasdaq.
Advancers topped decliners by a margin of 23:09 on the NYSE and 20:10 on the Nasdaq.
In Individual stories, Affiliated Computer Services (NYSE: ACS) gained almost 17% after Founder and Chairman, Darwin Deason, announced that he, together with his investment partner Cerberus Capital Management, L.P., has submitted a proposal to acquire, for a cash purchase price of $59.25 per share, all of the outstanding shares of common stock of Affiliated Computer Services. Hancock Fabrics (NYSE: HKF) fell 35.3% after announcing that, as part of its ongoing review of store performance, it is closing 104 stores, representing approximately $75 million in annualized sales. These closings are in addition to the 30 store closings disclosed in a press release dated February 8, 2007. In addition, Hancock reported that it has received a notice of default from its bank group due to the previously reported delay in filing its quarterly financial statements for 2006 and due to the Company's inability to comply with a financial covenant in the bank credit facility that requires the Company to have at least $25 million of excess availability.
Earnings due out tomorrow before the open include: AAR Corp (NYSE: AIR) Charming Shoppes (Nasdaq: CHRS), FedEx (NYSE: FDX), Morgan Stanley (NYSE: MS), Ross Stores (Nasdaq: ROST) and Stein Mart (Nasdaq: SMRT).
Tomorrow, investors will be looking for economic data on Oil Inventories and the Federal Reserve's Decision on Interest Rates.
Volume was modest with 2.86 billion shares trading on the NYSE and 1.78 billion trading on the Nasdaq.
Advancers topped decliners by a margin of 23:09 on the NYSE and 20:10 on the Nasdaq.
In Individual stories, Affiliated Computer Services (NYSE: ACS) gained almost 17% after Founder and Chairman, Darwin Deason, announced that he, together with his investment partner Cerberus Capital Management, L.P., has submitted a proposal to acquire, for a cash purchase price of $59.25 per share, all of the outstanding shares of common stock of Affiliated Computer Services. Hancock Fabrics (NYSE: HKF) fell 35.3% after announcing that, as part of its ongoing review of store performance, it is closing 104 stores, representing approximately $75 million in annualized sales. These closings are in addition to the 30 store closings disclosed in a press release dated February 8, 2007. In addition, Hancock reported that it has received a notice of default from its bank group due to the previously reported delay in filing its quarterly financial statements for 2006 and due to the Company's inability to comply with a financial covenant in the bank credit facility that requires the Company to have at least $25 million of excess availability.
Earnings due out tomorrow before the open include: AAR Corp (NYSE: AIR) Charming Shoppes (Nasdaq: CHRS), FedEx (NYSE: FDX), Morgan Stanley (NYSE: MS), Ross Stores (Nasdaq: ROST) and Stein Mart (Nasdaq: SMRT).
Tomorrow, investors will be looking for economic data on Oil Inventories and the Federal Reserve's Decision on Interest Rates.
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