Markets Surge on Rate Cut, MBIA Announcement
The major indexes bounced off the lows of the day, surging after bond insurer
MBIA said that its AAA rating is not in jeopardy. The conference call reassurances
helped to drive broad-based rallying in the markets, which each of the major
indexes closing well in the green.
MBIA
(
MBI |
Quote |
Chart |
News |
PowerRating) rallied over 6% after the bond insurer reassured
investors that the company had enough liquidity to ride out the subprime
meltdown (full
story).
Amazon.com
(
AMZN |
Quote |
Chart |
News |
PowerRating) reported Q4 profit that more than doubled the
same period last year, but the company’s operating income forecasts were worse
than expected; AMZN rallied around 1% (full
story).
Starbucks
(
SBUX |
Quote |
Chart |
News |
PowerRating) fell 2.5% after the company reported an increase
in Q1 earnings, and also announced revitalizing efforts for the chain (full
story).
Alliance Data Systems
(
ADS |
Quote |
Chart |
News |
PowerRating) rallied over 17% today, after
reporting better than expected results, and announcing a lawsuit against
Blackstone to force the completion of the companies’ acquisition agreement (full
story).
Gold rose fractionally today, hovering near all-time record highs. Crude oil
futures fell back slightly, down around 0.7%.
PowerRating Charts are now live! Click here to launch them.
| Market Snapshot | ||||||||||||
|
| Strongest/Weakest Industry Groups | ||||||||||||||||
|
| Economic News |
|
|