Stocks Rally on Dollar Lows, Oil Record
Earnings from a number of major U.S. corporations, and expectations for a
rate cut next week, led to a broad-based rally in the stock markets today. Major
mortgage lender and damage focus point Countrywide Financial guided higher than
analysts expected, helping to assuage lending and credit worries.
The stock markets ignored soaring oil prices, which hit new record highs, and
a plummeting dollar, which hit new lows today. Instead of focusing on the
overwhelming negative aspects of the market, stock traders were content to focus
on rate cut prospects.
Countrywide Financial
(
CFC |
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PowerRating) reported losses exceeding $1 billion
for Q3, but also guided higher. CFC rallied 32% on the positive projections (read more).
Microsoft
(
MSFT |
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PowerRating) helped to boost the market after
reporting better than expected earnings. MSFT rallied 9%(read more).
Immucor
(
BLUD |
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News |
PowerRating) announced it would cooperate with an FTC
investigation into the company’s acquisition practices. BLUD shares fell over 9%
(read
more).
Deckers Outdoor
(
DECK |
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News |
PowerRating) shares rose 26% after the company beat
analyst estimates and guided higher (read
more).
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