Goldman Sachs was accused of fraud in the synthetic Abacus CDO transaction by the SEC. Financial shares plunged on the news leading the broad market sharply lower.
Stocks stretched higher for the sixth day in a row on strong earnings and merger/acquisition chatter. Even climbing unemployment claims could not completely squelch the bulls.
The bulls took over Wall Street on this middle trading day of the week. A bear crushing rally ensued on strong results from JP Morgan Chase and Intel. Even the weak employment situation was counteracted by positive retail sales and production figures.
The bulls are in full control of the stock market. Shares pushed higher today on better than expected results from consumer and industrial names.
After an erratic trading session, shares ended higher across the board. The weekend’s news of a massive Greek aid package approved by the EU combined with merger and takeover chatter lifted shares.
Stocks surged higher today led by energy shares, which was triggered by an upbeat forecast from sector leader, Chevron.
Surprisingly better than expected retail sales numbers stopped the global stock slide in its tracks on this second to last trading session of the week.
Stocks slumped steeply lower today on a crumbling consumer credit reading. Continued international woes from Greeces beleaguered economy added to the bearish tone of the session.
Stocks breathed a sigh of relief today as the FOMC minutes clearly indicated that the Fed has no plans for immediate interest rate hikes. However, stocks closed mixed on the day with the DJIA as the laggard.
Stocks advanced on the first trading day after the holiday extended weekend. A strong employment report on Friday carried bullish enthusiasm into the new week.