The US market swung to a positive zone ahead of an important meeting of the Federal Reserve. Investors hope that Fed policy would add more monetary stimulus to the struggling global economy.
The Dow Jones industrial average added 1.11 percent or 126.70 points to trade at 11,527.71. The Nasdaq Stock Market Inc. composite index gained 0.92 percent or 23.96 points to trade at 2,636.79. The Standard & Poor's 500 index was up 1.14 percent or 13.69 points to trade at 1,217.78. The New York Stock Exchange composite index rose 1.20 percent or 87.07 points to trade at 7,321.70.
Hot Stocks of the Day: JEF, JAZZ, IBM, NCT, AZO, CAGJefferies Group Inc. (NYSE: JEF) reported an increase in its fiscal 2011 third quarter net income to $236 million, or $1.07 per share, from $161 million or 79 cents per share a year earlier. Analysts had estimated a net profit of 26 cents per share for the company. During the quarter, the company's net revenues were $2 billion versus $1.5 billion in the previous year. Shares gained 2.20 percent or 31 cents to trade at $14.43.
Jazz Pharmaceuticals, Inc. (Nasdaq: JAZZ) agreed to enter into an all-stock merger with privately held Azur Pharma Ltd., based in Dublin, Ireland. Shares of Jazz added 1.54 percent or 67 cents to trade at $44.41.
International Business Machines Corp. (NYSE: IBM) offered to commit to a series of measures to end a year-long antitrust investigation into whether abused its dominant position in the market for maintaining computers. Shares were up 0.07 percent or 12 cents to trade at $173.25.
Newcastle Investment Corp. (NYSE: NCT) plans to sell 22.5 million common shares. Shares slumped 10.27 percent or 58 cents to trade at $5.07.
AutoZone Inc. (NYSE: AZO) registered 12.1 percent increase in its fiscal 2011 Q4 net income to $301.5 million, from $268.9 million a year ago. The company's diluted earnings per share increased 26.9 percent to $7.18 per share from $5.66 per share in the year-ago quarter. Analysts had estimated a net profit of $6.97 per share for the company. Shares slipped 1.01 percent or $3.34 to trade at $328.61.
ConAgra Foods Inc.