Stimulus Working, Stocks Rally, Volatility Falls
Stocks rallied today on positive feelings of Obama’s tax cut and economic stimulus package ability to jump start the economy. Volatility, as measured in the VIX index, fell for a 5th straight day as investors slowly regain confidence. The VIX has fallen over 50% from its late 2008 highs indicating a rapid decline in market nervousness and bullish sentiment for the future. The DJIA rallied +62.21 to 9015.10, breaking the critical 9000 level. The Nasdaq added +24.35 to 1652.38 and the broad based S&P 500 advanced +7.25 to 934.70.
Citigroup
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Dow Chemical
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Brunswick
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Indevus Pharmaceuticals
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Gold climbed $8.20 to $866.00, oil fell 0.23 cents to $48.50 and the fear index VIX gave back another 1.33% to $38.56.
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