Thanksgiving Rally, Volcker Picked, Volatility Contracts
Stocks continued their winning ways, rallying sharply on the day before Thanksgiving. Optimism surrounding President elect Obama’s choice of former Federal Reserve chief, Paul Volcker to head the Economic Recovery Advisory board lifted the major indexes. Stocks have risen and volatility has contracted for 4 straight days shrugging off negative economic news. The DJIA added +247.14 to 8726.61, the Nasdaq climbed +67.37 to 1532.10 and the S&P 500 shot up +30.29 to 887.68.
Borders Group
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PowerRating) – Collapsed 41.07% or 0.68 cents to $1.00/share after announcing a wider than expected 3rd quarter loss and deciding not to sell itself.
Xerox
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PowerRating) – The world’s largest maker of color printers climbed 17.36% or $1.08 to $7.30/share after positive words about 2009 earnings.
American Railcar
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PowerRating) – Tracked 25.67% or $1.72 higher to $8.42/share upon being raised from sell to neutral by UBS.
BCE Inc
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PowerRating) – Canada’s largest phone company fell 34.05% or $10.65 to $20.63/share after stating it may not be able to go private due to economic conditions.
Gold fell $9.20 to $811.30, oil climbed $3.67 to $54.74 and the VIX volatility index contracted for the fourth straight day giving back another 9.76 to 54.92.
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