Losing Streak Cracked, Reform Meets Resistance, Indicators Look Positive
Stocks cracked a three day losing streak today on the back of positive economic news from the job, confidence and manufacturing figures. Jobless claims had the first decrease since January, the Confidence Board’s index of leading indicators climbed, and the Philly Fed Report indicated a slowing in the decrease of manufacturing. These positive signals triggered wide spread buying. However, Obama’s financial reform measures were met with resistance on Capital Hill as Treasury Secretary, Geithner, struggled with direct answers to the law makers questions. Stocks closed mostly higher with the DJIA advancing +58.42 to 8555.60, the Nasdaq fell negative -0.34 to 1807.72 at the close, and the broad based S&P 500 moved ahead by +7.66 to 918.37.
Carnival Corp
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PowerRating) – The popular cruise line climbed 7.46% or $1.72 to $24.77 after beating analysts second quarter profit estimates.
Cubic Corp
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PowerRating) – Fell 7.09% or $2.68 to $35.13/share upon being downgraded to hold by Needham & Co.
Nelnet
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National Penn Bancshares
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PowerRating) – Is back in the game after being upgraded by Boenning & Scattergood to outperform. Shares rocketed 31.94% or $1.15 to $4.75.
Oil climbed 0.34 cents to $71.28, gold fell $1.40 to $934.60 and the VIX gave back another 4.79% to 30.03.
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