Stock Election Explosion, Factory Orders Fall, JP Morgan Closes Trading Desk
A monster Election Day rally sent stocks exploding upward on the soon to be resolved Presidential race. The market surged to the largest Election Day rally in 24 years despite a severe drop in Factory Orders and other negative news. JP Morgan closed its proprietary trading desk citing extremely difficult trading conditions and a reapplication of capital resources. The DJIA soared +305.45 to 9625.28, the Nasdaq climbed +53.79 to 1780.12 and the broad based S&P 500 advanced above the technically critical 1000 level, climbing +39.45 to 1005.75
CIT Group
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PowerRating) – This 100 year old commercial lender climbed 36.06% or $1.63 to $6.15/share on rumors that the U.S. Treasury will include the firm in its bail out package.
Deere
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PowerRating) – The tractor and farm equipment maker jumped 8.99% or $3.51 to $42.54/share after the CEO said the American farmer never had it better on the Mad Money TV show.
Herbalife
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PowerRating) – Dropped 23.54% or $5.99 to $19.46/share as the multi level marketer of nutritional supplements lowered its forecast citing exchange rates as the culprit.
MasterCard
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PowerRating) – Climbed 18.31% or $26.35 to $170.24 after beating analysts estimates by 11%.
Gold climbed $30.50; oil added $6.62 and the VIX dropped 11.08%
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