The markets advanced during the midday as record home foreclosures and mixed November retail sales sparked hope for further interest rate cuts. The Dow climbed 58 points to 13,503 while Nasdaq gained 18 points to 2684.
On the upside
Fuwei Films (Nasdaq: FFHL) is now in compliance with The Nasdaq Marketplace Rule with the appointment of new directors to its board.
Global Cash Access Holdings (NYSE: GCA) will hold a conference call on Friday, December 7 to discuss its internal investigation.
Shares of Countrywide (NYSE: CFC) rose in anticipation of a rate cut and hopes that a plan to assist subprime borrowers will soon be unveiled.
On the downside
While UTi Worldwide (Nasdaq: UTIW) reported higher third quarter earnings that were in line with expectations, expenses soared.
After Delta Financial (Nasdaq: DFC) failed to sell $500 million in mortgages, the mortgage lender announced plans to file for bankruptcy.
An analyst downgraded Zumiez (Nasdaq: ZUMZ) after the sports apparel retailer reported disappointing November same store sales that fell short of expectations.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 11 points to 777.
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