Home Sales Skyrocket, Monster Stock Rally, Obama Confident
Stocks launched into a monster rally today after Treasury Secretary Timothy Geithner revealed his trillion dollar plan to remove toxic assets from bank balance sheets without resorting to outright federal ownership. This news sent financials higher with the broader market following on housing sales increasing the most in 6 years. The optimistic news was capped by President Obama reiterating his confidence in the preparation. The DJIA soared +497.48 to 7775.86 directly below the critical resistance level of 7777, the Nasdaq advanced an astounding +98.50 to 1555.77 and the broad based S&P 500 surged +54.38 to 822.92.
Bank of America
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Petro-Canada
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Tiffany
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H&R Block
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Oil climbed $1.73 to $53.87, Gold fell $3.70 to $952.50 and the fear index VIX slipped 5.809% to 43.23.
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