Earnings Optimism, Jobs Surprise, Stocks Surge
Stock futures went parabolic in the early session on earning optimism triggered by top performance by Alcoa. Jobless claims surprised by decreasing more than expected further adding fuel to the bull’s fire. The DJIA gained +61.29 to 9786.87, the tech heavy Nasdaq added +13.60 to 2123.93 and the broad based S&P 500 climbed +7.90 to 1065.48. An impressive performance but well off the highs of the day.
Hawk Corp
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PowerRating): Climbed after esteemed money manager, Mario Gabelli stated he expects a doubling in the next 5 years.
Liz Claiborne
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PowerRating): Soared upon announcing a licensing deal with JC Penny.
South Financial Group
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PowerRating): Fell after being downgraded to equal weight by Morgan Stanley.
Monster Worldwide
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PowerRating): The world’s largest job recruitment company climbed upon being upgraded to overweight by JP Morgan Chase.
Oil added $1.80 to $71.37, bear crushing gold soared another $13.30 to $1057.70 and the fear index VIX fell again by 2.02% to 24.18.
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