Home Sale Spike, Dow Hits High, Rates Solid

  • November 23, 2009
  • David Goodboy

Stocks cracked a losing streak by surging higher today. A surprising spike in home sales combined with optimism of continued low interest rates fuelled the advance. The DJIA hit an intraday 13-month high while the U.S. dollar sank. The DJIA closed up +132.79 to 10450.95, the tech heavy Nasdaq soared +29.97 to 2176.01 and the broad based S&P 500 added +14.86 to 1106.24.

United Parcel Service
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PowerRating): Announced it would increase rates in 2010 sending shares higher by 1.13% or 65 cents to $58.16.

Cigna
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PowerRating): Obtained a JP Morgan upgrade triggering shares to climb by 7.56% or $2.27 to $32.30.

AT&T
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PowerRating): Climbed 2.92% or 76 cents to $26.78/share after a Gabelli analyst said it may be undervalued.

Diedrich Coffee
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PowerRating): Soared 29.47% or $7.66 to $33.65/share on news that a rival upped its offer for a buy out.

Gold surged $18.00 to $1165.10, oil moved higher by 9 cents to $77.68 and the VIX fear index fell by 4.64% to 21.16.

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Market Snapshot

Dow

 +132.79 10450.95

NASDAQ

 +29.97 2176.01

S&P 500

 +14.86 1106.24

Economic
News

Existing Home Sales (Oct): Consensus: 5.70M, Prior: 5.57M

GDP – Preliminary (Q3): Consensus: 2.9%, Prior: 3.5%

GDP Deflator – Preliminary (Q3): Consensus: 0.8%, Prior: 0.8%

Case Shiller 20 City Index (Sep): Consensus: -9.05%, Prior: -11.32%

Consumer Confidence (Nov): Consensus: 47.5, Prior: 47.7

FHFA Home Price Index (Sep): Consensus: 0.1%, Prior: -0.3%

Personal Income (Oct): Consensus: 0.2%, Prior: 0.0%

Personal Spending (Oct): Consensus: 0.5%, Prior: -0.5%

PCE Prices (Oct): Consensus: 0.1%, Prior: -0.5%

PCE Prices – Core (Oct): Consensus: 0.1%, Prior: 0.1%

Initial Claims (11/21): Consensus: 500K, Prior: 505K

Continuing Claims (11/14): Consensus: 5560K, Prior: 5611K

Durable Orders (Oct): Consensus: 0.5%, Prior: 1.0%

Durable orders ex Transportation (Oct): Consensus: 0.7%, Prior: 0.9%

Mich Sentiment-Rev (Nov): Consensus: 67.0, Prior: 66.0

New Home Sales (Oct): Consensus: 405K, Prior: 402K

Crude Inventories (11/20): Consensus: NA, Prior: -0.887K