Dollar Smack Down, Stimulus Stock Surge, Gold Hits Record
The G20 nations agreed to continue the economic stimulus sending stocks surging higher across the board. Investors dumped the U.S. dollar in response, preferring riskier and higher yielding assets, sending the Greenback sharply lower. Commodities and gold, in particular, soared with the soft yellow metal hitting another record high on the day. The DJIA surged +203.52 to 10226.94, the tech heavy Nasdaq advanced +41.62 to 2154.06, and the broad based S&P 500 climbed +23.77 to 1093.07.
General Electric
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PowerRating): Climbed 3.39% or 52 cents to $15.85/share after word of discussing with Comcast for a joint venture to own NBC Universal.
Goldman Sachs
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PowerRating): Surged 2.79% or $4.79 to $176.57/share upon news of a $400 million dollar bond underwriting effort for an Ohio mall owning real estate firm.
Altria Group
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PowerRating): Advanced 1.78% or 33 cents to $18.87/share on price positive words from a Morgan Stanley analyst
Abercrombie & Fitch
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PowerRating): Jumped 7.37% or $2.58 to $37.59/share after being added to Goldman Sachs’ “conviction buy” list.
Oil added $2.00 to $79.28, gold soared $5.90 to $1102.00 and the VIX fear index fell another 4.30% to 23.15.
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