Accounting Probe Closed at Career Education

For-profit education stocks got a lift Tuesday after

Career Education's

(CECO) - Get Report

announcement that part of a regulatory probe into its business practices has ended.

The company said the corporate finance division of the

Securities and Exchange Commission

ended its investigation into the company's accounting related to bad debt with no comments about any findings of wrongdoing. A separate investigation by the SEC's enforcement division, which investigates securities law violations, is ongoing.

The for-profit education industry has come under scrutiny amid a class-action suit that accuses Career Education of manipulating enrollment figures to attract investors. At the company's annual meeting in May, some shareholders expressed dissatisfaction with the company's corporate governance practices.

Shares of Career Education were recently up $2.07, or 6.4%, to $34.45, while other education stocks were rising in sympathy.

Corinthian Colleges

(COCO)

was adding 71 cents, or 4.5%, to $16.30;

Apollo Group

(APOL)

was up $2.06, or 2.8%, to $76.16; and

ITT Educational Services

(ESI) - Get Report

was up 51 cents, or 1%, to $48.90.