Bear Crushing Rally, Delightful Earnings, Fed Optimistic
The bulls took over Wall Street on this middle trading day of the week. A bear crushing rally ensued on strong results from JP Morgan Chase and Intel. An optimistic Ben Bernanke added his helping hands to the bullish fervor. Even the weak employment situation was counteracted by positive retail sales and production figures. Tech stalwart, Apple, hit all time highs on early adopter sales of its iconic iPad device. An overall delightful session on the Street of Dreams. The DJIA surged +103.69 to 11123.11, the tech heavy Nasdaq advanced +38.87 to 2504.86, and the broad based market barometer, S&P 500 jumped higher by +13.35 to 1210.65.
^AAPL^: Shares hit all time highs climbing, 1.34% or $3.26 to $245.69 on early adopter sales of its iconic iPad device.
^INTC^: The chipmaker added 3.29% or 75 cents to $23.52/share after beating analysts estimates.
^JPM^: The investment bank posted profits 16% higher than estimated sending shares higher by 4.05% or $1.86 to $47.73.
^PALM^: Climbed 3.10% or 16 cents to $5.32/share after it was reported that Harbinger Capital is buying 9.5% of the common stock.
Oil advanced $1.91 to $85.96, gold climbed $2.60 to $1156.40, and the VIX fear index fell 3.77% to 15.59.
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