Surprise Rate Increase, Wal-Mart Misses, Manufacturing Strong
The bulls controlled the playground for the third day in a row with stocks surging higher on the session. Strong regional manufacturing data counteracted disturbing news from the employment arena. Even disappointing results from retail giant Wal-Mart failed to dampen the bullish enthusiasm. However, an after the close surprise rate increase sent the USD sharply higher and stock futures sharply lower. The DJIA added +83.66 to 10392.90, the Nasdaq soared +15.42 to 2241.71 and the S&P 500 climbed +7.24 to 1106.75.
^WMT^: The biggest loser in the DJIA falling 1.09% OR 59 cents to $53.47/share after missing sales estimates.
^RAD^: Soared 10.79% or 15 cents to $1.54/share after UBS AG said it may become an acquisition target.
^CAR^: Fell 14.43% or $1.92 to $11.39/share after announcing a loss wider than analysts expected.
^HPQ^: Climbed 1.38% or 69 cents to $50.81/share upon increasing its full year forecasts.
Oil climbed $1.02 to $78.35, gold declined $1.10 to $1119.00 and the VIX fear index dropped another 5.02% to 20.63.
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