Ford Reassures, Stocks Up, Emergency Loans Extended
Stocks staged a nice rally today on reassuring words from Ford and a Federal ruling extending the expiration date of its emergency loan program to April 30th. This stock surge occurred despite a massive drop in November Auto Sales across the Big Three U.S. auto names. The DJIA closed up +270.00 to 8419.09, the Nasdaq added +51.73 to 1449.80, and the S&P 500 gained +32.60 to 848.81.
Citigroup
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PowerRating) – The 3rd largest gainer in the DJIA, climbing 12.71% or o.82 cents to $7.27/share, after announcing plans to sell dollar denominated debt to the FDIC.
Ford Motor
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PowerRating) – Added 6.27% or 0.16 cents to $2.71/share after reassuring shareholders and the government that it should break even by 2011.
Staples
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PowerRating) – The office supply retailer advanced 7.94% or $1.20 to $16.32/share after 3rd quarter profit beat analysts’ estimates.
William-Sonoma
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PowerRating) – Upgraded to a buy from Merrill Lynch triggered the stock to soar 22.55% or $1.38 to $7.50/share.
Oil fell another 41.85 to $47.43, gold added $6.50 to $783.30 and the VIX fear index fell 8.07% to 62.98.
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