Financial News

Markets Close Higher As Commodity Prices Rise

Increasing commodity prices lifted the markets to a higher close with the Dow climbing 90 points to 8529. Nasdaq added 5 points to 1844.

On the upside

Comcast will introduce a wireless Internet service carried over Clearwire's (Nasdaq: CLWR) 4G network in Portland, Oregon.

Sterne Agee upgraded Aecom Technology (NYSE: ACM).

ArvinMeritor (NYSE: ARM) will sell another light vehicle Chassis business for a total of three units being sold.

On the downside

American International (NYSE: AIG) will sell its Russian consumer finance business to Peugeot. The insurer will also hold its annual meeting tomorrow when a new board will be elected.

Citi Investment Research analyst Ashwin Shirvaikar downgraded Watson Wyatt Worldwide (NYSE: WW) over concerns about the company's proposed merger with Towers Perrin.

Encore Energy (NYSE: ENP) will raise funds through the offering of 8.2 million common shares.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 5 to 4 on Nasdaq. The Russell 2000 which tracks small cap stocks slipped 2 points to 510.

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