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Markets Advance Despite Drop In Empire Manufacturing Index

The markets advanced during the midday with the Dow rising 37 points to 10,563 despite a sharply lower than expected reading of the Empire Manufacturing Index. Nasdaq gained 9 points to 2299.

On the upside

FUQI International (Nasdaq: FUQI) expanded its jewelry showroom in Shenzhen, China and hosted a booth at the 2010 Shen Zhen International Jewelry Fair.

Fourth quarter earnings for Pall (NYSE: PLL) beat analyst expectations as revenue rose.

Kinross Gold (NYSE: KGC) shareholders approved plans to acquire Red Back Mining.

On the downside

The Food and Drug Administration raised safety issues concerning Arena Pharmaceuticals' (Nasdaq: ARNA) weight loss drug Iorcaserin and said that weight loss in patients was minimal prompting a downgrade.

Blogger John Hempton of Bronte Capital alleged that Universal Travel (NYSE: UTA) made fraudulent claims on their websites.

AK Steel (NYSE: AKS) warned of losses for the third quarter as operating costs rise and material prices climb.

In the broad market, declining issues were on par with advancers on the NYSE while advancers edged out decliners by a margin of more than 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 651.

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