Black Friday Stock Surge, Bonds Perform, Ford Jumps
Today’s abbreviated session ended with stocks surging as shoppers flooded the malls and stores in the traditional black Friday bargain shopping free for all. The indexes added to the steepest increase since 1974 and Corporate Bonds have had their best performance since 2003.
The automakers jumped on renewed optimism regarding the government bailout, further feeding the bullish sentiment sweeping stocks.
The DJIA closed up +102.43 to 8829.04, the Nasdaq pushed ahead by +3.47 to 1535.57 and the broad based S&P 500 added +8.56 to 896.24.
Ford
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PowerRating) – The beat down automaker led the S&P 500 higher today on renewed optimism of a successful bailout jumping 25.12% or 0.54 cents to 2.69/share.
Frontline Ltd
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PowerRating) – A supertanker owner who failed to lock in rental rates prior to the market’s collapse felt the sting today with shares falling 11.81% or $3.90 to $29.11/share on the news.
Chesapeake Energy
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PowerRating) – The biggest loser in the S&P 500 today giving back 15.32% or $3.10 to $17.14/share after announcing it needed to sell shares to raise capital for acquisitions.
CB Richard Ellis
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PowerRating) – Shares were knocked down 9.31% or 0.47 cents to $4.58/share upon being downgraded to negative by Standard and Poors due to the downtrending commercial real estate market.
Oil climbed 0.07 cents to $55.14, gold added $7.70 to $819.00 and the VIX added 0.36 to 55.28.
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