The Dow Jones Industrial Average closed up 73.03 points to 11,288.54 in abbreviated pre-July 4th holiday weekend trading on Thursday. The patriotic holiday spirit seems to have shined through as the market ticked up despite news that already record oil prices inflated another 6 cents and employers cut payrolls by 62,000 in June -- the sixth-straight monthly cut.
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Penn National Gaming Inc. managed to ride Thursday's bullish wave despite a scrapped buyout of the casino operator. The stock increased 3.71% to close at $29.66 despite news that Fortress Investment Group LLC and Centerbridge Partners LP have dropped their $6.1 billion purchase of Penn. Not all is lost for Penn. The company said Thursday it will receive $1.475 billion, including a $225 million breakup fee and a $1.25 billion preferred stock investment by affiliates of the two firms due in 2015 or repayable by an equivalent amount of stock.
News of Northstar Neuroscience Inc. going up on the block helped boost its shares 3.26% to close at $1.90. The medical device maker announced on Wednesday that it hired Leerink Swann & Co. to help it to evaluate strategic alternatives following a $2.25 per share takeout offer from its largest shareholder, hedge fund Tang Capital Partners LP. - Michael Rudnick
