New Years Stock Rally, Oil Surges, Manufacturing Falls
The stock market staged a strong rally today despite the worst manufacturing figures since 1980 and surging oil prices caused by Middle Eastern tension. The new year has started out on bullish footing with the DJIA soaring +258.30 to 9034.69, the Nasdaq jumped up +55.18 to 1632.21 and the broad based S&P 500 advanced +28.55 to 931.80.
Citigroup
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PowerRating) – Advanced 6.41% or 0.43 cents to $7.14/share after its CEO and Chairman agreed to give up their bonuses after abysmal performance and a government financial rescue package.
Flagstar Bancorp
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Starwood Hotels
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General Motors
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Oil climbed $1.74 to $46.36/oz, gold dropped $4.80 to $879.50 and the VIX fear index fell 2.20% to 39.19 as investor confidence slowly seeps back into the market.
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