Bernanke Thrills Stocks, Recession Sees End, VIX Falls Hard
Stocks were thrilled today, surging upward, triggered by Bernanke’s optimistic words that the recession may end this year. The market also celebrated his assurances that the U.S. Government has no plans to nationalize the banking industry. Oil followed stocks higher, pushing past the $40.00/barrel mark intraday. The Fear index VIX followed suit, dropping hard as pessimism left the market. The DJIA advanced +236.16 to 7350.94, the Nasdaq climbed +54.11 to 1441.83, and the broad based S&P 500 added +29.81 to 773.14.
Home Depot
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PowerRating) – Surprised the market by beating analysts profit estimates causing the stock to climb 10.10% or $1.89 to $20.60/share.
RadioShack
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PowerRating) – Was hit hard falling 24.31% or $2.63 to $8.20/share upon missing analysts fourth quarter earning estimates.
Bank of America
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PowerRating) – Surged 20.46% or 0.79 cents to $4.70/share on the positive words from the Fed Chief.
Macy’s
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PowerRating) – Instituted inventory control measures allowing it to beat analysts quarterly earning estimates by 5.2%. Shares reacted by adding 12% or 0.89 cents to $8.29/share.
Oil followed stocks higher adding $1.52 to $39.89, Gold was knocked down $25.50 to $969.50 and the VIX index fell 13.55% to 45.49.
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