Manufacturing Surprises, Rally Higher, AIG Payback
Stocks shrugged off negative news of higher unemployment rallying into the close. An uplifting Philly Fed Survey indicating that the manufacturer1 sector is finally growing powered the optimistic sentiment. Additional food for the bulls came from American International Group advising that it plans on paying back the bailout funds. The DJIA rallied +70.89 to 9350.05, the tech heavy Nasdaq added +19.98 to 1989.22 and the broad based S&P 500 broke above the critical 1000 level adding +10.91 to 1007.37.
Google
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Harman International
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Lancaster Colony
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Prudential
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Oil oozed higher 12 cents to $72.54, gold dipped $3.10 to $941.70 and the VIX fear index fell 4.46% to 25.09.
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