Bernanke Breaks Recession, Buffets Bullish Frenzy, Stocks Surge
Stocks surged higher today on positive news from the retail sales front and Bernanke stating that the recession is likely over. Additional hyper bullish news that the Oracle of Omaha, Warren Buffett is going on a stock buying frenzy further pushed the indexes higher on the day. The fact that Bernanke warned that it may be a jobless recovery did little to stifle the optimistic tone. The DJIA surged +56.61 to 9683.41, the tech heavy Nasdaq added +10.86 to 2102.64 and the broad based S&P 500 clawed +3.29 higher to 1052.63.
Yahoo
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PowerRating): Climbed 5.46% or 84 cents to $16.41/share after being upgraded at Sanford Bernstein to “outperform”.
Royal Caribbean Cruises
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PowerRating): Floated 8.97% or $1.95 to $23.70/share higher to upon being marked a “buy” at Bank of America.
Martha Stewart Omnimedia
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PowerRating): Soared 19.42% or $1.33 to $8.18/share after agreeing to a deal with Home Depot to develop an exclusive product line.
Citigroup
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PowerRating): Fell 8.85% or 40 cents to $4.12/share after word that the Treasury may start dumping acquired shares in October hit the street.
Oil added $2.07 to $70.88, gold surged $5.20 to $1006.00 and the fear VIX index slipped 1.84% to 23.42.
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