Higher Close In Anticipation Of Fed Action

Despite a greater than expected number of job losses in September, the markets closed higher with the Dow gaining 57 points to 11,006 to surpass the 11,000 mark for the first time in five months in anticipation of Federal Reserve action to strengthen the faltering economy. Nasdaq climbed 18 points to 2401.

On the upside

Jefferies & Co. analyst Thomas Wei initiated coverage of Neurocrine Biosciences (Nasdaq: NBIX) with a Buy rating saying that the company's endometriosis treatment elagolix has the potential to become the standard treatment for the gynecological condition.

China Agritech (Nasdaq: CAGC) will engage the services of a Big Four accounting firm to audit the fertilizer company's 2010 financial results.

August gambling revenue leaped 24% on the Las Vegas Strip lifting shares of MGM Resorts (NYSE: MGM) higher.

On the downside

Higher feed prices due to a sharp drop in the nation's corn and soybean crops will hurt profits for meat producers Smithfield Foods (NYSE: SFC), Tyson Foods (NYSE: TSN) and Pilgrim's Pride (NYSE: PPC).

Credit Suisse downgraded Owens-Illinois (NYSE: OI) and cut its price target on the glass container company.

Oppenheimer analyst Gary Hsueh downgraded Yingli Green Energy (NYSE: YGE).

In the broad market, advancing issues outpaced decliners by a margin of 3 to 1 on the NYSE and by 5 to 2 on Nasdaq.

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