Initial applications for unemployment benefits tumbled to the lowest amount in nearly three years to lift the markets to a sharply higher open with the Dow soaring 167 points to 12,234. Nasdaq surged 40 points to 2789.
On the upside
BioSante Pharmaceuticals (Nasdaq: BPAX) reported positive results from a Phase II trial of its pancreatic cancer vaccine.
US Airways (NYSE: LCC) reported a 4.1% increase in February revenue passenger miles and a 10% gain in revenue per available seat mile.
On the downside
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