The NASDAQ moved higher on Tuesday, in turn benefited by gains in shares of Yahoo Inc (YHOO.O: Quote, Profile, Research) just after a CNBC report that billionaire investor Carl Icahn is planning a launch of proxy fight at the Web search company.

Yahoo's shares as well soared after a stockholder Eric Jackson, who too heads investment fund Ironfire Capital, stated he has canceled plans to run a proxy campaign to return fresh board members.

The stock jumped 3.7 percent to $26.19. The Dow Jones industrial average. DJI was down 45.84 points, or 0.36 percent, at 12,830.47. The Standard & Poor's 500 Index .SPX was down 0.13 points, or 0.01 percent, at 1,403.45. The NASDAQ Composite Index .IXIC was up 1.87 points, or 0.08 percent, at 2,490.36.

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