Gold Spikes, Dollar Drops Hard, Stocks Advance
Gold spiked to above $1000.00/oz in intra-session trading on investor’s fears and desire to hedge their equity positions. In addition, 20 countries promised over the weekend to keep their stimulus packages and low interest rates in place further fueling the rise of the precious metal. However, gold dropped back to below $1000.00/oz by the day’s end. Correspondingly, the U.S. Dollar fell to yearly lows in reaction. Stocks shrugged off news of Consumer Credit falling by a record $21.6 billion with the DJIA advancing +56.07 to 9497.34, the tech heavy Nasdaq added +18.99 to 2037.77 and the broad based S&P 500 climbed +8.99 to 1025.39.
Southwestern Energy
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PowerRating): Stifel Nicolaus & Co upped their rating to “buy” sending shares higher by 4.94% or $1.84 to $39.05.
QLogic
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PowerRating): Morgan Stanley raised its rating to “overweight” for the chip and switch provider sending shares up by 5.01% or 82 cents to $17.18.
Kraft Foods
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PowerRating): Fell 5.87% or $1.65 to $26.45/share after stating it would pursue its takeover of Cadbury since the first offer was rejected.
General Electric
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PowerRating): Led the DJIA higher after being upgraded to “overweight” by JP Morgan Chase. Shares climbed 4.54% or 63 cents to $14.50.
Oil advanced $3.08 to $71.29, gold spiked $3.10 to $999.80 and the VIX fear index added 1.43% to 25.62.
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