FOMC Minutes Relief, Stocks Mixed, New Oil Highs
Stocks breathed a sigh of relief today as the FOMC minutes clearly indicated that the Fed has no plans for immediate interest rate hikes. Concerns about unemployment and creating a potential bubble dominated the earlier meeting. Stocks rallied on the news but closed mixed on the day with the DJIA as the laggard. The festering bull market lifted oil prices to 17-month highs as speculators bet big on the recovery. Led lower by Travelers, the DJIA gave back -3.56 to 10969.99, the tech heavy Nasdaq gained +7.28 to 2436.81 and the broad based S&P 500 added +1.99 to 1189.43.
^MEE^: The coal mine owner suffered a massive explosion at a West Virginia mine sending shares tumbling 11.41% or $6.24 to $48.45.
^KBH^: Shares fell 2.83% or 48 cents to $16.51 after the home builder was downgraded to “neutral” at Credit Suisse.
^AN^: The stock price advanced 3.38% or 61 cents to $18.65/share after the car dealer announced first quarter profit is going to beat initial estimates.
^RF^: A share price upgrade at Credit Suisse sent shares higher by 4.40% or 36 cents to $8.55.
Oil eased higher by 12 cents to $86.75, gold gained $1.00 to $1135.20 and the VIX index dropped 4.64% to 16.23.
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