Advance/Decline Snapback, LIBOR Drops Hard, Stocks Gain
The stock market spent most of the session in positive territory despite dire jobless claim figures and continued concern over the financial sector. The advance/decline ratio, which measures the number of advancing issues divided by decliners snapped back hard into bullish readings today from a steep negative reading yesterday. Positive earnings news from a large player in the software sector combined with a steep decline in the LIBOR rate triggered aggressive buying that counteracted the negative news. The DJIA advanced +46.43 to 8331.32, the Nasdaq grew by +25.02 to 1689 and the broad based S&P 500 marched forward +9.15 to 893.07.
Atmel Corp
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PowerRating) – The chip maker surged on buy out rumors, adding 17.02% or 0.56 cents to $3.85/share.
CA Inc
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Ford
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PowerRating) – Positive words from the CEO lifted the stock price 4.03% or 0.20 cents to $5.16/share.
Mylan
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PowerRating) – The biggest loser in the S&P 500 after the US’s largest maker of generic drugs was cut to market perform by Sanford Bernstein.
Oil added 1.03 to $58.62, Gold eased ahead by 2.50 to $928.40 and the VIX index fell 6.77% to 31.37.
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