Late Day Rally, Krugman Predicts Recessions End, Apple Unveils iPhone
Stocks took off to the upside, in late day trade, after spending much of the session in negative territory. Bullish news that Nobel Prize wining economist, Paul Krugman, is calling for the recession to end by September and a surge in bank related stocks pushed stocks off their lows. Apple unveiled their much anticipated 3rd generation iPhone whose basic version will sell for less than $100.00. Despite the bullish surge, stocks closed mixed on the day with the DJIA adding +1.36 to 8764.49, the Nasdaq falling -7.02 to 1842.40 and the S&P 500 slipped -0.95 to 939.14.
Dupont
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PowerRating) – The chemical maker led the DJIA in losses falling 2.93% or 0.79 cents to $26.21/share after being downgraded by Bank of America.
General Mills
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Micromet
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PowerRating) – Their Leukemia drug passed second stage clinical trials sending shares higher by 7.14% or 0.33 cents to $4.95/share.
SLM Corp
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PowerRating) – Sallie Mae may obtain a contract with the U.S. Department of Education sending shares higher by 19.97% pr $1.32 to $7.93/share.
Gold fell $10.10 to $952.50, Oil advanced 0.35 cents to $68.67 and the VIX index advanced 0.47% to 29.76.
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