Markets Extend Gains on Oversold Rally
The markets extended a 2-day rally today, with the major indexes all well in
the green. The major markets opened the holiday week under enormous pressure
following a global selloff on Monday, and markets have reacted to oversold
conditions with a sizeable snap-back.
Nokia
(
NOK |
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PowerRating) rallied more than 8% today after reporting a 44%
increase in profit, more than analysts were expecting (full
story).
AT&T
(
T |
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PowerRating) fell nearly 2%, despite reporting a positive jump in
earnings and record wireless customer numbers (full
story).
Ford
(
F |
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PowerRating) fell more than 2%, despite cutting losses in half from the
same period last year (full
story).
Lockheed Martin
(
LMT |
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News |
PowerRating) rallied around 5% today after the company
reported a 10% increase in profit during Q4 (full
story).
Gold rallied 2.6% as traders loaded up on bets that the U.S. Fed would
continue cutting rates, while the ECB holds. Crude oil futures rallied nearly 2%
on the expected interest rate cut from the U.S.
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