Obama Spurs Stocks, Automakers Surge, Oil Jumps
Stocks celebrated the news of an Obama led infrastructure build out program, spurring an aggressive rally. Automakers surged on news that a $15 billion dollar bailout plan is imminent and oil jumped up on a broad based commodity rally. The DJIA climbed +298.76 to 8934.18, briefly breaking the 9000 level intraday. The tech heavy Nasdaq index soared +62.43 to 1571.74 and the broad based S&P 500 jumped +33.63 to 909.70.
US Steel
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PowerRating) – Added 25.24% or $7.26 to $36.02/share on the infrastructure expansion government plan.
General Motors
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Freeport McMoRan
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PowerRating) – The leading public copper producer added 19.23% or $3.23 to $20.03 on the belief that the largest infrastructure building project since the 1950’s would increase demand across many commodity classes.
CME Group
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PowerRating) – Advanced 15.29% or $29.58 to $223.00 as the futures exchange rallied on the speculative surge in commodities.
Oil climbed $2.09 to $43.97, gold surged $17.10 to $769.30 and the fear index VIX contracted 2.40% to 58.49.
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