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Byline: JONAH KERI
A day after hearing reassuring words from the Federal Reserve, NYSE stocks rose again Thursday. The Dow added 1.6% and the S&P 500 1.5% after the Fed expressed optimism for an economic recovery. NYSE volume fell sharply, however.
Frontier Oil broke out of a four-month base, surging 1.20 to 20.35 on more than triple its normal trade. The crude oil refiner earns an A grade from the Stock Checkup at IBD Web site investors.com. But the Oil & Gas-Refining/Marketing group ranks only 104th among the 197 industries tracked by IBD.
L-3 Communications Holdings jumped 3.42 to 102.52 on nearly three times its typical turnover. The maker of communications systems for the military said Wednesday it beat fourth-quarter earnings estimates by 3 cents. The stock notched an all-time closing high.
Fellow defense company Lockheed Martin also logged a new closing high, rising 2.51 to 52.97 on more than twice its 50-day average volume. The company said it will provide seven air traffic control systems to China as part of a $10.7 million contract with Incom.
Darden Restaurants continued to sizzle. The owner of Red Lobster, Olive Garden and other restaurant chains climbed 1.75 to 41.20 as volume rose ...