New Homes Skyrocket, Bulls Battle Earnings, LIBOR Falls
Exceedingly bullish news from the new home sales front failed to counteract negative earnings news from several market critical companies. However, despite trading in the red for most of the session, the bulls were able to battle the dire earnings released today from such bellwethers as Aetna and Corning pushing the major indexes into positive territory. The London Interbank Offering Rate LIBOR dropped to 0.496% for the first time clearly signaling that lending activity is on the upswing. The DJIA late day surge pushed it up +15.27 to 9108.51, the Nasdaq eased higher by +1.93 to 1967.89 and the broad based S&P 500 added +2.92 to 982.18.
Pulte Homes
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PowerRating) – The building sector soared on the new home figures with this stalwart adding 8.41% or 82 cents to $10.58/share.
RadioShack
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NBTY
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Mylan
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Oil climbed by 33 cents to $68.33, Gold added 40 cents to $956.30 and the fear index VIX advanced 5.15% to 24.28.
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