Hoenig Says Tighten, Jobs Worry, Stocks Solid
Federal Reserve policy-maker Thomas Hoenig suggested that interest rates must be increased to mitigate inflationary pressures. Despite the interest rate concerns and employment worries, stocks staged a solid session, closing mixed on the day. Financial shares led the rally off the lows to an overall positive trading day. The DJIA closed higher by +33.18 to 10606.86, the Nasdaq eased back by -1.04 to 2300.05 and the S&P 500 advanced +4.54 to 1141.68.
^SHLD^ led the S&P 500 higher climbing after beating analysts estimates.
^AA^: A Citigroup downgrade to “hold” sent shares lower on Thursday.
^INSP^: Surged higher upon stating its fourth quarter revenues will beat expectations.
^GME^: Slashed its profit forecast sending shares lower.
Oil fell 51 cents to $82.66, gold gave back $2.90 to $1134.00, and the VIX fell by 0.63% to 19.04.
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