Bernanke Fraud Accusation, Rates Unchanged, Stocks Mixed
The Federal Reserve met expectation of keeping interest rates unchanged. Their statement was slightly more positive on the economy discounting the inflation threat. They stated that the recession is abating and did not change their bond purchase program. However, rumors of a Bernanke/Fed cover up during the Bank of America/Merrill Lynch merger weighed heavily on shares. The DJIA fell -23.05 to 8299.86, the Nasdaq was able to advance +27.42 to 1792.34 and the broad based S&P 500 advanced +5.84 to 900.94 piercing the critical 900 level.
HB Fuller
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PowerRating) – Climbed 3.17% or 0.53 cents to $17.23/share after beating second quarter earning estimates.
Duoyuan Global Water
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PowerRating) – Soared 30% on the first day of trading to $20.85/share as the Chinese water treatment company moved to raise capital.
Boeing
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AeroVironment
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PowerRating) – The spy plane maker beat analysts estimates by 0.01 cent sending shares higher by 3.91% or $1.07to $28.43/share.
Oil fell 0.57 cents to $68.50/share, Gold advanced $10.10 to $9340.40 and the VIX index gave back 5% to 29.05.
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