Late Day Rally, FDIC Hit Hard, Dollar Falls
The stock market rallied late in the day marking the 8th straight day of gains for the major indexes. News of the FDIC bank insurance fund being down 20% in the second quarter did little to discourage the bulls. The U.S. Dollar grew weaker as natural gas and oil surged higher. The DJIA gained +37.11 to 9580.63, the tech heavy Nasdaq advanced +3.30 to 2027.73 and the broad based S&P 500 eased higher by +2.86 to 1030.98.
American International Group
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PowerRating): Surged higher by 26.93% or $10.15 to $47.84/share after ex CEO Herb Greenberg was consulted by the current regime.
Boeing
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PowerRating): Climbed higher by 8.36% or $4.00 to $51.82/share upon stating its Dreamliner 787 will be profitable.
Guess? Inc
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PowerRating): Crushed analysts estimates by 47% sending shares higher by 10.79% or $3.47 to $35.62.
Sigma Designs
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PowerRating): Fell 14.43% or $2.47 to $14.65/share after reporting results in line with estimates.
Oil added $1.06 to $72.62, Gold advanced $1.50 to $947.30 and the VIX fear index sank 1.08% to 24.68.
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