‘Reagan Rally’ Sends Dow To 5-Week High
In
what NYSE traders are calling the “Reagan rally,” stocks rose, propelling
the Dow to fresh 5-week highs and sending the Nasdaq back above 2,000.
ImClone
(
IMCL |
Quote |
Chart |
News |
PowerRating) was upgraded to
‘Buy’ at Smith Barney with a price target of $105 after news of success in its
Phase III study of its Erbitux drug. Tumors in patients with head and neck
cancer who used Erbitux along with radiation were less likely to spread than
with radiation alone.
General Motors
(
GM |
Quote |
Chart |
News |
PowerRating)
announced plans to invest over $3 billion in China as it beefs up its
production capacity by 100% in an attempt to gain market share over
Volkswagen. GM holds a 19% market share with Volkswagen commanding 33%. MGM
Mirage
(
MGG |
Quote |
Chart |
News |
PowerRating) announced an unsolicited $4.85 billion bid to acquire
Mandalay Resort Group
(
MBG |
Quote |
Chart |
News |
PowerRating).
Al Qaeda warned of new
attacks on U.S. and Western airlines.
Financial markets will be
closed on Friday in honor of former president Ronald Reagan. This is
only the 10th time in 30 years that the NYSE has been unexpectedly closed.
| Dow | +148.26 | 10391.08 |
| S&P 500 | +18.03 | 1140.53 |
| Nasdaq | +42.00 | 2020.62 |
Strong today were Brokers
(
XBD.X |
Quote |
Chart |
News |
PowerRating) +2.50%. Clicicals
(
CYC.X |
Quote |
Chart |
News |
PowerRating) +2.20%, Hardware
(
HWI.X |
Quote |
Chart |
News |
PowerRating) +2.16%, Oil
(
OIX.X |
Quote |
Chart |
News |
PowerRating) +1.99%.
Weak today was Biotech
(
BTK.X |
Quote |
Chart |
News |
PowerRating) -0.03%.
10-year Notes were
+060 at 107 235
The dollar
was -0.28 at 88.22
Gold was +1.40 at
393.40
Crude Oil was +0.14 at
38.66
Volume was 1.2 billion
on the NYSE, and 1.47 billion on the Nasdaq.
Market breadth was
positive.
| NYSE | Issues | |
| Advancing | 2621 | Up Vol 1100 |
| Declining | 703 | Down Vol 100 |
| Ratio | 3.72 | 11 |
| Nasdaq |
||
| Advancing | 2239 | Up Vol 1250 |
| Declining | 902 | Down Vol 204 |
| Ratio | 2.48 | 6.12 |
Stocks in the
news:
Genta
(
GNTA |
Quote |
Chart |
News |
PowerRating)
said its Phase 3 trial of its Genasense treatment failed to achieve a
statistically increase in survival rates among patients.
McDonald’s
(
MCD |
Quote |
Chart |
News |
PowerRating)
reported worldwide same-store sales that rose 7.4% with 7.9% domestically. The
increase was the 14th straight monthly gain. For 2005, the company affirmed
revenue growth target of 4%.
DaimlerChrysler
(
DCX |
Quote |
Chart |
News |
PowerRating) said it
was investing $113 million in its St. Louis assembly plant to boost
productions of its minivans.
Brice Wightman
bricew@tradingmarkets.com