Unemployment Rate Holds Steady, Markets Advance
The markets traded modestly higher during the midday with the Dow rising 22 points to 13,413 as the nation's unemployment rate held steady. Nasdaq added 4 points to 3104.
On the upside
Five Star Equities noted that the Food and Drug Administration approved more new drugs in 2012 compared with 2011 and issued a research report on Peregrine Pharmaceuticals (Nasdaq: PPHM).
Harvest Natural Resources (NYSE: HNR) discovered oil at its Dussafu Tortue Marin-1 oil well off the coast of Gabon, West Africa.
On the downside
Silicon Image (Nasdaq: SIMG) lowered its revenue guidance for the fourth quarter. Coinstar (Nasdaq: CSTR) announced the retirement of chief executive Paul Davis effective March 31 and will be replaced by chief financial officer J. Scott Di Valerio.
Barnes & Noble (NYSE: BKS) disappointed with a sharp 11% drop in holiday sales with its Nook business sales tumbling 13%.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index gained 4 points to 1463.
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