Autos Surprise, Savings Sink Stocks, Market Mixed
Positive economic news hit stocks with a double whammy today. Soaring spending, climbing incomes and a surprise increase in auto sales worked to push stocks higher. However, an increase in the savings rate acted to mute the advance as forward thinking investors worried about the dead money sitting in savings accounts instead of adding stimulus to the economy. Stocks ended the day mixed with the DJIA off by -34.01 to 8438.39, the Nasdaq eased ahead by +8.68 to 1838.22 and the broad based S&P 500 slipped back -1.36 to 918.90.
Jazz Pharmaceuticals
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PowerRating) – Was downgraded to “underweight” by Barclays sending shares lower by 13.39% or 60 cents to $3.88.
Immucor
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Navistar
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Illinois Tool Works
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Oil fell 1.07 cents to $69.34, gold added $1.50 to $941.00 and the VIX fear index fell another 1.63% to 25.93.
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