Russell up 2.13% in afternoon trading
Small-cap stocks remain in the green during afternoon trading, snapping back today after the largest sell-off the market had seen in years on Monday.
The Russell 2000 (NYSE:IWM) is up 2.13%, while the Dow has increased 3.68%% and the S&P 500 is up nearly 5%.
Legislators hope to pass a revised version later this week of the $700 billion bailout plan that was rejected by Congress on Monday. After the bill was voted down, small-cap stocks posted their largest one-day decline of 2008 and closed down near 7%, as fears of a global financial pandemic triggered waves of selling on the news.
Within the small-cap realm, First Horizon National Corp. (NYSE:FHN) gained nearly one quarter of its value this morning after two analysts upgraded its stock and the company confirmed prior expectations for third-quarter results. FHN is currently up 32.7%.
Communications networking equipment manufacturer Ciena Corp. (Nasdaq:CIEN) is up 4.36% in afternoon trading on the news that optical fiber network provider American Fiber Systems has signed on for Ciena’s services.
