The markets traded higher during the midday with the Dow gaining 34 points to 12,640 as Fed chief Ben Bernanke explained the Fed's decision to provide up to $30 billion for the purchase of Bear Stearns by J. P. Morgan. Nasdaq added 5 points to 2366.
On the upside
MF Global (NYSE: MF) named a former executive of TD Ameritrade (Nasdaq: AMTD) to the position of chief financial officer.
Schering-Plough (NYSE: SGP) announced restructuring plans to lower expenses including the elimination of approximately 5,500 positions.
On the downside
Credit Suisse analyst William Stein downgraded Plexus (Nasdaq: PLXS) saying that the stock price was too high and sales are expected to slow.
Standard & Poor's Ratings Services, Fitch Ratings and Moody's Investors Service all downgraded the credit rating of mortgage insurer Triad Guaranty (Nasdaq: TGIC).
X-Rite (Nasdaq: XRIT) warned of lower first quarter revenue due to weak economic conditions.
In the broad market, declining issues outpaced advancers by a margin of nearly 10 to 9 on both the NYSE and on Nasdaq. The Russell 2000 which tracks small cap stocks added a fraction to 713.
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