Beige Book Positive, Stocks Soar, Trading Ban Proposal
Positive economic news from the Federal Reserve’s Beige Book lifted stocks to a solid positive close. Situations are improving in 10 out of 12 Fed districts signaling that the economic recovery is well underway. A myriad of upgrades and earnings confidence added to the bullish tenor of the session. However, word of a proposed SEC regulatory action that would block unsupervised direct access trading added some negativity to a bright session. The DJIA advanced +53.51 to 10680.77, the Nasdaq soared +25.59 to 2307.90 and the S&P 500 added +9.46 to 1145.68.
^BIDU^: China’s largest search engine company climbed 13.71% or $52.99 to $439.48/share on news that Google may shutter its Chinese offices.
^MRK^: Led the DJIA higher on a Credit Suisse Group upgrade sending shares higher by 3.68% or $1.38 to $38.93.
^TWC^: Will potentially declare its first dividend payment. Shares reacted by adding 6.78% or $2.82 to $44.44.
^WYN^: The hotel operator advanced 8.56% or $1.75 to $22.19/share on a Deutsche Bank upgrade.
Oil fell $1.09 to $79.70, gold added $8.60 to $1138.20 and the fear VIX index 2.19% to 17.85.
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