Investors Hopeful Bargains Will Entice Shoppers

The markets opened higher as retailers lured shoppers with bargain prices.  The Dow gained 41 points to 8510 while Nasdaq added 4 points to 1529.

 

On the upside

Jones Apparel Group (NYSE: JNY) consolidated and reduced its $1.25 billion lines of credit into a single $600 million line of credit with more flexibility.

The Federal Reserve approved GMAC's application to become a bank, which now allows the auto finance company to apply for government loans. General Motors (NYSE: GM) stock surged.

Intertgral Systems (Nasdaq: ISYS) reported higher fourth quarter earnings and revenue.

On the downside

Capstone Turbine (Nasdaq: CPST) filed a $150 million shelf registration with the Securities and Exchange Commission.

Investors locked in profits for EPIX (Nasdaq: EPIX), which won FDA approval for its imaging agent Vasovist on Wednesday.

The first decline in holiday sales in forty years weighed down shares of Dillards (NYSE: DDS).

In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq.  The Russell 2000 which tracks small cap stocks added a point to 472.