Housing Surprises, Stocks Surge, Bernanke Positive
Optimistic news swept stocks today with better than expected housing starts and positive speculation that Ben Bernanke will up the ante becoming more aggressive with the economy. The indexes easily made up the late Monday pullback continuing the strong uptrend. Condominium starts led the housing surprise as that market reaches for the bottom. The FOMC is expected to release its statement tomorrow afternoon concerning the results of the meeting held today and tomorrow. It is widely expected that Bernanke will increasing the size and release dates of the $600 billion financial stimulus package. The DJIA surged +178.73 to 7395.70, the Nasdaq added +58.09 to 1462.11 and the S&P 500 advanced +24.23 to 778.12.
Home Depot
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PowerRating) – Led the DJIA higher climbing 6.31% or $1.27 to $21.41/share after being upgraded to a buy by Jeffries.
Citigroup
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PowerRating) – The DJIA second biggest winner with a gain of 8.15% or 0.19 cents to $2.51/share on positive sentiment concerning the FOMC meeting.
SkillSoft
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PowerRating) – The training software company jumped up 29.49% to $1.56 to $6.85/share after forecasting profits that will beat estimates.
FactSet Research
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PowerRating) – Climbed 7.75% or $3.02 to $41.99/share after the provider of data to asset managers forecast to beat estimates by one penny.
Oil added $1.810 to $48.76, Gold slipped $5.20 to $916.80 and the fear index VIX fell 6.72% to 40.80.
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