Geithner Triumphant, Rally Rallies Higher, Rocketing Natural Gas
Treasury Secretary Timothy Geithner triumphantly stated that it’s time for the Fed to start winding down its economic stimulus plan. However, he added the cautious caveat that the economy may see more than its normal share of ups and downs during the process. This news triggered the stock rally to rally on for the 5th straight day pushing the major indexes above the critical technical resistance levels. In addition natural gas rocketed to its biggest one day gain in 5 years on the optimistic fervor. The DJIA soared +80.26 to 9627.48, the tech heavy Nasdaq added +23.63 to 2084.02 and the broad based S&P 500 advanced +10.77 to 1044.14.
Yahoo
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PowerRating): Added 4.53% or 67 cents to $15.45/share after Bank of America stated it was a good buy.
UAL
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PowerRating): The airline soared higher by 17.83% or $1.15 to $7.60/share after JP Morgan stated that bankruptcy is not likely.
Navistar
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PowerRating): Fell 7.68% or $3.51 to $42.17/share upon reducing its forecast for armored military trucks.
Smith & Wesson
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PowerRating): The gun maker stated its second quarter revenue would exceed analysts’ estimates sending the stock higher by 6.77% or 38 cents to $5.99/share.
Oil added 63 cents to $72.10, gold fell 30 cents to $996.80 and the VIX fear index dropped 3.17% to 23.55.
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