Stocks Skyrocket, Payrolls Surprise, Credit Crashes
Stocks skyrocketed higher on the final trading day of the week fueled by better than expected data from the Non Farm Payroll figure. The optimistic spirit that the recession has ended overwhelmed the highly negative news from the consumer credit front. Consumer credit fell for the 5th straight month, dropping at twice the expected rate as the American consumer reins in all discretionary purchases. The market is being rocked by counteracting economic tides and sentiment as the large players jockey for positions based on their interpretation of events. The DJIA soared +113.97 to 9370.23, the Nasdaq broke the critical 2000 level rising +27.09 to 2000.25, and the broad based S&P 500 advanced +13.40 to 1010.48.
American Express
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PowerRating) – Goldman Sachs raised its price target on the investment giant triggering shares to climb 4.34% or $1.36 to $32.37.
Crocs
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Knot Inc
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VeriSign
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PowerRating) – Missed analysts second quarter profit estimates by 1 cent sending shares plummeting 9.24% or $1.90 to $18.66.
Gold dropped $3.40 to $959.50, oil gave back $1.01 to $70.69 and the fear index VIX slipped back 3.54% to 24.76.
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