Bulls Stampede, ISM Soars, Oil Climbs
The first trading day of the year was greeted by a bull stampede. Major stock indexes closed sharply higher on climbing commodity prices and greatly improved manufacturing data. Stocks ignored a heightened terrorist threat alert and a falling U.S. dollar helped the bulls rally. A 15-month high was hit on the indexes today with the DJIA advancing +155.91 to 10583.96, the tech heavy Nasdaq climbed +39.27 to 2308.42 and the broad based S&P 500 soared +17.89 to 1132.99.
^CNX^: Advanced 6.33% or $3.15 to $52.95/share after positive manufacturing data lifted the coal and metal sector.
^ACL^: Fell 5.70% or $9.37 to $154.98/share upon Novartis offering to buy the remaining segments from Nestle SA.
^WYNN^: UBS upgraded the Steve Wynn controlled company to “buy” sending shares higher by 9.84% or $5.73 to $63.96.
^MS^: Obtained upgrades at UBS and Credit Suisse resulting in shares climbing by 4.43% or $1.31 to $30.91.
Gold added $23.30 to $1120.50, oil climbed $2.29 to $81.65 and the VIX gave back 7.56% to 20.04.
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