Monster Rally, Madoff Prison, GE Credit Surprise
Stocks surged today adding to a 3 day winning streak. The ultimate financial con artist, Bernie Madoff, was escorted to prison after pleading guilty before a Federal Judge and packed courtroom in lower Manhattan; potentially signaling the end of this negative cycle. Standard & Poors surprised traders by not downgrading General Electric’s credit rating as much as expected further fueling the monster rally. The DJIA jumped up +239.66 to 7170.06 smashing the psychological resistance at 7000, the S&P 500 advanced +54.46 to 1426.10 and the tech heavy Nasdaq surged ahead by +29.38 to 750.74.
E*TRADE
(
ETFC |
Quote |
Chart |
News |
PowerRating) – Did not participate in the rally after being rated sell by Citigroup. Shares fell 2.94% or 0.06 cents to 0.66 cents.
General Electric
(
GE |
Quote |
Chart |
News |
PowerRating) – Climbed 12.49% or $1.06 to $9.55/share after its credit rating was not cut to the degree expected and stating the downgrade will not affect business.
Men’s Wearhouse
(
MW |
Quote |
Chart |
News |
PowerRating) – Rallied 27.23% or $2.96 to $13.83/share after being raised to a buy by Richard Jaffe.
Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) – Fell 0.58% or 0.10 cents to $17.01/share after Morgan Stanley cut its earnings estimates.
Oil surged $4.70 to $46.71, Gold advanced $13.30 to $924.00 and the VIX fear index fell 5.57% to 41.18 as confidence returns to stocks.
| Market Snapshot | |||||||||||||
|
| Economic News |
|||
|