Rocket Stocks, Geithner Nominated, Citigroup Sinks

  • November 21, 2008
  • David Goodboy

Stocks surged today, in the final hour, after flirting with break even for most of the day. The sharp rally was sparked by news that President-elect Obama nominated New York Federal Reserve President, Timothy Geithner for Treasury Secretary. This welcomed rally was despite Charles Evans’, Chicago Fed President, dire proclamation that the economy is in for a protracted period of poor performance. The DJIA rocketed +494.13 to 8046.26, the Nasdaq soared +68.23 to 1384.35 and the S&P 500 broke the technically critical 800 level, ending the day up +47.59 to 800.03.

Alcoa
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Citigroup
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Microsoft
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Sprint
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Gold climbed $43.10 to $791.80, oil moved ahead by 0.51 cents to $50.23 and the VIX index slipped 10.13% to 72.67.

Market Snapshot

Dow

 +494.13 8046.42

NASDAQ

 +68.23 1384.35

S&P 500

 +47.59 800.03

Economic
News

NY Empire State Index (Nov): Consensus -26.0, Prior -24.6

Capacity Utilization (Oct): Consensus 76.5%, Prior 76.4%

Industrial Production (Oct): Consensus 0.2%, Prior -2.8%

Core PPI (Oct): Consensus 0.1%, Prior 0.4%

PPI (Oct): Consensus -1.8%, Prior -0.4%

Net Foreign Purchases (Sep): Consensus $17.5B, Prior $14.0B

Building Permits (Oct): Consensus 772K, Prior 786K

Core CPI (Oct): Consensus 0.1%, Prior 0.1%

CPI (Oct): Consensus -0.8%, Prior 0.0%

Housing Starts (Oct): Consensus 780K, Prior 817K

FOMC Minutes (Oct 29): Consensus N/A, Prior N/A

Initial Claims (Nov 15): Consensus 503K, Prior 516K

Leading Indicators (Oct): Consensus -0.6%, Prior 0.3%

Philadelphia Fed (Nov): Consensus -35.0, Prior -37.5

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