Rates Staying Low, Home Sales Best, Stocks Surge
The stock market bulls took full control for the second day this week. Shares surged on word from Shanghai that Chicago Fed Chief Evans stated rates will remain “accommodative” for at least 6 months. Existing Home Sales falling less than expected and growing demand for computer chips further powered stocks higher. The DJIA surged +102.94 to 10888.83, the tech heavy Nasdaq advanced +19.84 to 2415.24 and the broad based S&P 500 climbed +8.36 to 1174.17.
^MET^: Experienced its first losing year since its IPO cut CEO Robert Henrikson’s pay whiles shares climbed 1.08% or 45 cents to $42.17.
^SKS^: Shares rallied 2.28% or 20 cents to $8.96 upon a JP Morgan upgrade to “overweight”.
^CAT^: Led the DJIA higher after being upgraded to “market outperform” at Avondale Partners. Shares climbed 4.10% or $2.46 to $62.41.
^AMSC^: Surged 8.65% or $2.26 to $28.40/share after being upgraded to “buy” at Jefferies Group.
Gold added $6.30 to $1105.90, oil eased higher by 30 cents to $81.90 and the VIX index dropped 3.08% to 16.35.
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