Worldwide Recovery, Stocks Soar, Deal Making Hot
Waves of end of year optimism swept the stock market pushing the major indexes higher on the session. Several large money managers made statements calling the upswing a clear sign of a world wide economic recovery fueling the rally. A frenzy of corporate deal making combined with renewed faith in Obama’s health care reform measures added to the bullish fervor. The DJIA climbed +85.25 to 10414.4, the Nasdaq added +25.97 to 2237.66 and the S&P 500 advanced +11.58 to 1114.05.
Athersys Inc
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PowerRating): Soared 140% or $1.40 to $2.40/share after Pfizer agreed to buy their stem cell therapy for inflammatory bowel disease.
Aetna
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PowerRating): Climbed 4.71% or $1.53 to $24.04/share when the Senate gave health insurers a year reprieve from a potential tax.
Intel
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PowerRating): Advanced 2.34% or 46 cents to $20.09/share upon a Barclay Bank upgrade.
Treehouse Foods
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PowerRating): Moved higher by 12.34% or $4.14 to $37.70/share after agreeing to purchase Sturm Foods and receiving an upgrade at Janney Montgomery to “buy”.
Oil fell 89 cents to $72.47, gold gave back $15.50 to $1096.00, and the VIX index fell 5.49% to 20.49.
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