Bernanke Hawkish, Stocks Bullish Fever, Dollar Rallies
The stock market rallied again today resulting in the most bullish week since July. Fed Chief Ben Bernanke exhibited hawkish sentiment by stating that monetary policy will be tightened once economic improvement is witnessed. These words triggered a substantial rally in the U.S. Dollar causing it to rise the most in two months against the Yen. Stocks were so exuberant that momentum carried them higher despite Bernanke’s bearish statement. The DJIA surged +78.07 to 9864.94, the tech heavy Nasdaq advanced +15.35 to 2139.28 and the broad based S&P 500 climbed +6.01 to 1071.49.
International Business Machines
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PowerRating): Climbed 2.98% or $3.64 to $125.93/share after benefiting from a Barclay’s upgrade of the computer hardware sector to “positive”.
Tata Motors
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PowerRating): India’s largest truck producer fell 5.12% or 66 cents to $12.23/share after issuing a $750 million dollar security sale.
Yahoo!
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PowerRating): Billionaire Carl Icahn stated that the company faces challenges from Google and Microsoft sending shares lower by 4.04% or 71 cents to $16.87.
Supervalu
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PowerRating): Barclay’s cut the supermarket chains ratings to “equal weight” resulting in shares dropping 2.88% or 45 cents to $15.20.
Oil added 8 cents to $72.30, gold slipped back $7.70 to $1049.00 and the VIX fear index contracted another 4.38% to 23.12.
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