Stocks Take Small Step Back

Merger chatter in the sector put buyers in control Wednesday. The Dow gained 145.27 points, or 1.11%, to finish at 13,236.13. The S&P 500 was up 16.95 points, or 1.17%, at 1464.07, and the Nasdaq rose 31.50 points, or 1.25%, to 2552.80.

Global indices followed suit. Overnight, Japan's Nikkei climbed 2.6%, and Hong Kong's Hang Seng was better by 2.8%. China's Shanghai Composite tacked on 1%, sending it above 5000 for the first time.

Markets in the U.K., France and Germany were only slightly higher after coming off their best levels.

Elsewhere, Impac Mortgage (IMH Quote - Cramer on IMH - Stock Picks) said it is cutting back its mortgage origination business, eliminating 350 jobs. Shares lost 4 cents, or 2.4%, to close at $1.61. The move comes one day after Lehman Brothers (LEH Quote - Cramer on LEH - Stock Picks) said it is shuttering its subprime lender BNC Mortgage, resulting in the termination of 1,200 positions in 23 locations.

HSBC Holdings (HBC Quote - Cramer on HBC - Stock Picks) and Accredited Home Lenders (LEND Quote - Cramer on LEND - Stock Picks) have also said they would cut jobs.

Moody's Investors Service placed the ratings of three homebuilders, Centex (CTX Quote - Cramer on CTX - Stock Picks), Lennar (LEN Quote - Cramer on LEN - Stock Picks) and Pulte Homes (PHM Quote - Cramer on PHM - Stock Picks), under review for possible downgrades, and the stocks were mixed.

Lennar was higher by 2.2% and Pulte Homes gained 0.6%. Centex finished with a 0.5% decline.

On the ratings front, JMP Securities upgraded Toll Brothers (TOL Quote - Cramer on TOL - Stock Picks) to market perform from underperform. Shares tacked on 0.7% to $22.30.

« Previous Page

1 2 3 4

Next Page »