Dow Breaks Out, Producer Prices Drop, Wells Fargo Settles
Stocks hit a 17-month high on low rates and economic optimism across the board. The Producer Price Index signaled a dropping of prices effectively quashing inflation fears. Wells Fargo’s banking unit Wachovia paid $160 million to settle a Mexican drug money laundering investigation. The DJIA advanced +47.69 to 10733.67, the tech heavy Nasdaq climbed +11.08 to 2389.09 and the S&P 500 marched higher by +6.75 to 1166.21.
^BBI^: Popular video rental chain fell 29% or 11 cents to 28 cents/share after it warned of potential pending bankruptcy.
^CTXS^: A Goldman Sachs demotion to “neutral” sent shares lower by 3.11% or $1.52 to $47.43.
^HIG^: Climbed 4.84% or $1.32 to $28.58/share on word of its plan to sell shares and debt to repay US bail out monies.
^SMTS^: Soared 18.94% or $3.31 to $20.79/share after beating analysts first quarter income and sales estimates.
Gold eased higher by $2.30 to $1125.00, oil added $1.01 to $82.71 and the fear index VIX fell another 4.41% to 16.91.
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