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4:18 PM, Dec 14, 2009 --

  • DJIA up 29.85 (0.29%) to 10,501.
  • S&P 500 up 7.70 (0.7%)to 1,114.
  • Nasdaq up 21.8 (1%) to 2,212.


GLOBAL SENTIMENT

  • Hang Seng up 0.84%
  • Nikkei down 0.02%
  • FTSE up 1.02%


UPSIDE MOVERS


(+) XTO sold to XOM in stock deal. XOM down 1.8%.

(+) JAVA gains as report says EU regulators expected to give positive review of Oracle (NYSE:ORCL)-Sun deal.

(+) SNSS continues run after positive study data issued last week.

(+) CYCC continues run after positive study data issued last week.

(+) CLDX jumps on positive breast cancer study results.

(+) SIGA holds conference call on smallpox antiviral RFP.

(+) V added to S&P 500.

(+) TER gets analyst upgrade.

(+) HNSN settles litigation with LUNA and gets stake in LUNA.

DOWNSIDE MOVERS


(-) XOM buying XTO in $41 billion stock deal.

(-) C details TARP payback, including issuance.

(-) CIEN replaced in S&P 500 index.

MARKET DIRECTION

Broad stock averages end with modest gains, remaining in the upper end of the day's range though off the highs hit inside the final hour of trading. The tech-heavy Nasdaq leads, ending up nearly 1% and just off the day high. The Dow's modest gain was enough to push the blue-chip index above 10,500 for the first time since 2008. Crude fell for a ninth session.

Stocks gained after a huge cloud was removed from global debt markets by a surprise $10 billion bailout of Dubai World by the government of Abu Dhabi.

The Arab emirate's move eased fears that real estate development venture Dubai World would default on its debt. It was facing a Monday deadline to repay loans.

Exxon Mobil (NYSE:XOM) also provided a lift for the market by announcing that it will acquire XTO Energy (XTO) in an all-stock transaction valued at $31 billion. The deal is part of Exxon's move to acquire valuable natural gas fields.

Meanwhile, Citi (NYSE:C) said it will pay back $20 billion in bailout money it received as part of the government's Troubled Asset Relief Program, also known as TARP. The announcement pushed down its stock near 6%. Financial stocks were mixed as President Obama met over the noon hour with top executives of some of the nation's biggest lenders.

Obama asked bank executives to support his efforts to tighten financial industry regulation.

In the tech space: Google (NASDAQ:GOOG) shares gained on a raised price target at Jefferies. ON Semi (NASDAQ:ONNN) will buy California Micro Devices (CAMD) for $4.70 per share.

Crude oil falls for a ninth session, shedding 12% over that period, on lingering demand concerns. It's the longest losing steak in eight years. Crude for January delivery ended down 36 cents, or 0.5%, at $69.51 a barrel on the New York Mercantile Exchange. Trading remained volatile Monday, with crude also rising to $70.28 earlier.

Source: Equities Update: Modest Day Lifts Dow Over 10,500