Goldman Upgraded, Geithner Positive, Stocks Surge

  • July 13, 2009
  • David Goodboy

In stark contrast to last week, a barrage of positive news hit stocks today.  Word of Goldman Sachs being upgraded and Treasury Secretary Geithner speaking positively on the economy sent stocks surging higher.  The DJIA ended the day soaring higher by +185.16 to 8331.68, the Nasdaq followed suit adding +37.18 to 1793.21 and the S&P 500 advanced +21.92 to 901.05.

Goldman Sachs
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American Dairy
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Friends Provident
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NetFlix
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Oil added 20cents to $59.85, Gold advanced $10.00to $922.50 and the VIX index fell9.34% to 26.31.

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Market Snapshot

Dow

 +185.16 8331.68

NASDAQ

 +37.18 1793.21

S&P 500

 +21.92 901.05

Economic
News

Treasury Budget (Jun): Consensus: -$77.5B, Prior: $33.5B

Core PPI (Jun): Consensus: 0.1%, Prior: -0.1%

PPI (Jun): Consensus: 0.8%, Prior: 0.2%

Retail Sales (Jun): Consensus: 0.5%, Prior: 0.5%

Retail Sales ex-auto (Jun): Consensus: 0.5%, Prior: 0.5%

Business Inventories (May): Consensus: -1.0%, Prior: -1.1%

Core CPI (Jun): Consensus: 0.1%, Prior: 0.1%

CPI (Jun): Consensus: 0.6%, Prior: 0.1%

Empire Manufacturing (Jul): Consensus: -5.00, Prior: -9.41

Capacity Utilization (Jun): Consensus: 67.9%, Prior: 68.3%

Industrial Production (Jun): Consensus: -0.6%, Prior: -1.1%

Crude Inventories (07/10): Consensus: NA, Prior: -2.90M

Minutes of FOMC Meeting (06/24): Consensus: NA, Prior: NA

Initial Claims (07/11): Consensus: NA, Prior: 565K

Net Long-Term TIC Flows (May): Consensus: NA, Prior: $11.2B

Philadelphia Fed (Jul): Consensus: -5.0, Prior: -2.2

Building Permits (Jun): Consensus: 523K, Prior: 518K

Housing Starts (Jun): Consensus: 530K, Prior: 532K