The markets traded higher during the midday after the federal government announced an overhaul of the nation's financial regulatory system. The Dow soared 99 points to 12,315 while Nasdaq jumped 26 points to 2287.
On the upside
Rowan (NYSE: RDC) will either sell or spin-off its LeTourneau Technologies unit.
Vertex Pharmaceuticals (Nasdaq: VRTX) reported positive results in a midstage clinical trial of its cystic fibrosis treatment VX-770 last week.
On the downside
Shares of FairPoint Communications (NYSE: FRP) tumbled after the company completed its acquistion of Verizon's landline business and Internet operations in New England.
Piper Jaffray analyst Charles J. Fishman downgraded Gushan Environmental Energy (NYSE: GU) over valuation concerns.
Ampex (Nasdaq: AMPX) filed for Chapter 11 bankruptcy protection.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly the same on Nasdaq. The Russell 2000 which tracks small cap stocks climbed 9 points to 693.
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