Higher Close On Consolidation Hopes

Optimism over a possible consolidation in the office supplies sector lifted the markets to a higher close with the Dow gaining 53 points to 14,035. Nasdaq climbed 21 points to 3213.

On the upside

Proactive Investors Australia reported that Novogen's (Nasdaq: NVGN) ovarian cancer treatment CS-6 was effective.

F.N.B. (Nasdaq: FNB) will acquire PVF Capital (Nasdaq: PVFC) in an all stock deal valued at approximately $106.4 million.

Morgan Stanley initiated coverage of Infinity Pharmaceuticals (Nasdaq: INFI) with an Overweight rating and a price target of $47.

On the downside

GMX Resources (NYSE: GMX) provided an update for its 2012 year-end reserves.

Group 1 Automotive (NYSE: GPI) blamed higher expenses and an impairment charge for lower fourth quarter earnings that fell short of analyst expectations.

Daktronics (Nasdaq: DAKT) reported higher fourth quarter earnings but the results missed analyst expectations.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 index climbed 11 points to 1530.

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