New Home Sales Jump, Stocks Up, IBM Layoffs
A true roller coaster ride in the stock market ended with shares higher on the day. New Homes Sales posted a 4.7% increase over the record lows last month. IBM announced that another round of layoffs on the way combined with the highest jobless rate in 25 years was not enough to hold stocks back for long. The DJIA started sharply higher, falling back into negative territory midday then rocketing higher in the final hour of trade closing up +89.84 to 7749.81, the Nasdaq advanced +12.43 to 1528.95 and the S&P 500 added +7.63 to 813.88.
CB Richard Ellis
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Salesforce.com
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PowerRating) – Cut to underweight by Morgan Stanley, the productivity software maker dropped 2.59% or 0.87 cents to $34.01/share.
DryShips
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MEMC Electronics
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Oil fell $1.22 to $52.75, Gold gained $12.00 to $940.70 and the fear index VIX fell 1.61% to 42.24.
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