Chrysler Bailed Out, Citi Splits, Circuit City Gives Up
A wild and woolly day in the stock market. News pushed stocks both up and down with the major indexes ending solidly higher on the close. Chrysler Financial won $1.5 billion dollars of bailout aid to boost vehicle sales while Circuit City threw in the towel, announcing plans to close the remaining stores giving up the struggle. On the banking front, Citibank posted a massive $8.3 billion dollar loss and announced plans to split into two entities. The DJIA closed up +68.73 to 8281.22, the Nasdaq added +17.49 to 1529.33 and the broad based S&P 500 climbed +6.38 to 850.12.
JP Morgan
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PowerRating) – Fell 6.24% or $1.52 to $22.82 after being downgraded by Mike Mayo of Deutsche Bank.
Best Buy
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Elizabeth Arden
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Tri-Valley
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PowerRating) – Surged 67.33% or 0.68 cents to $1.69/share after finding substantial gold intercepts in Alaska.
Gold soared $32.60 to $839.90, oil climbed 1.11 cents to $35.97 and the VIX 9.59% to 46.11 as fear eases out of the market.
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