Fed Says Recession Over, Stocks Higher, Apple CEO Returns
Another red letter day for the stock market with the indexes pushing higher toward solid technical resistance levels. The Fed’s Beige Book clearly signaled that the recession is over with 11 of 12 reporting central banks showing optimistic signs about the future. Further positive news of Apple’s CEO making his first appearance since a liver transplant further added to the optimistic bullish fever. The DJIA advanced +49.88 to 9547.22, the tech heavy Nasdaq soared higher +22.62 to 2060.39, and the broad based S&P 500 marched ahead by +7.98 to 1033.37.
AeroVironment
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PowerRating): Fell 7.82% or $2.38 to $28.04/share after the spy plane maker reported a loss of 17 cents/share when analysts expected a 12 cents gain.
McDonald’s
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PowerRating): Experienced the largest loss in the DJIA dropping 2.01% or $1.13 to $55.09/share after missing analysts’ sales estimates.
Wynn Resorts
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PowerRating): Advanced 6.39% or $3.67 to $61.09/share upon being raised to “market perform” at Oppenheimer.
Apple
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PowerRating): Fell 1.02% or $1.77 to $171.16/share despite the positive word that Steve Jobs is back pitching for the company.
Oil advanced 21 cents to $71.35, gold dropped $2.70 to $997.10 and the VIX fear index gave back 5.07% to 24.32.
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