Stocks Battle Back, Earnings Strong, Feds Bust Pay
An early morning sell off was counteracted by strong earnings reports in several major names lifting shares sharply positive on the session. The Fed proposed busting pay at banks to discourage reckless gambles by employees helping to prevent another crisis. In addition, the Treasury slashed salaries up to 90% at firms who received bail out funds. The DJIA advanced +131.95 to 10081.31, the tech heavy Nasdaq climbed +14.56 to 2165.29 and the broad based S&P 500 moved higher by +11.51 to 1092.91.
New York Times
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PowerRating): Experienced the sharpest gain in the S&P 500 soaring 22.17% or $1.94 to $10.69/share after blowing away profit estimates.
PNC Financial
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PowerRating): Surged 12.66% or $5.69 to $50.65/share upon revealing its profit doubled in the third quarter.
eBay
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PowerRating): Fell 4.23% or $1.06 to $23.97/share after missing analysts estimates.
Skechers USA
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PowerRating): Jumped 14.34% or $3.10 to $24.72/share after being upgraded to “buy” at CL King and beating estimates.
Oil fell 18 cents to $81.27, gold dropped $5.90 to $1059.60 and the VIX index gave back 6.89% to 20.69.
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