Stocks Exuberant, Fed Shocks Market, Car Sales Up
The Federal Reserve shocked the market by keeping interest rates unchanged and injecting an additional $1 trillion dollars to buy up long term Treasuries and guaranteeing mortgage debt. Stocks, after trading down for most of the day, exploded up on the news with a nearly 300 point swing in the DJIA. Great news from the automobile front that used car sales and prices were on the upswing further bolstered the optimism sweeping the market. The DJIA closed up +90.88 to 7486.58, the Nasdaq added +29.11 to 1491.22 and the S&P 500 increased by +16.23 to 794.35.
E*Trade
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PowerRating) – Soared 32.26% or 0.33 cents to $1.24/share after stating that mortgage defaults were decreasing.
General Mills
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PowerRating) – Fell 10.88% or $5.84 to $47.80/share upon sharing that it will miss analysts estimates this year.
MetLife
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PowerRating) – Climbed 19.87% or $4.26 to $25.46/share after being upgraded to a buy by Bank of America.
Alcoa
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PowerRating) – The biggest loser in the DJIA falling 2.15% or 0.12 cents to $5.47/share after advising it would cut dividends and sell stock.
Oil added 1.02 cents to $49.30, Gold added $27.70 to $889.10 and the VIX fear index fell 1.79 to 40.06.
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