Stocks Fight Higher, Texas Instruments Surprises, Rate Hike Fears
Stocks fought higher to close mixed on the day. Fears of an imminent rate hike and confusion regarding TARP payback findings counteracted great earnings news from Texas Instruments. Further unclear sentiment emerged from a House Panel appointed to approve derivative regulations and signals from the Treasury pit of a pending rate hike further weighed on stocks. The DJIA closed down -1.43 to 8763.06, the Nasdaq surged +17.73 to 1860.13 and the S&P 500 gained +3.29 to 942.43.
Texas Instruments
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PowerRating) – The long time and U.S. largest chip maker surprised the market by raising its profit forecasts sending shares higher by 6.53% or $1.29 to $21.05.
Popular
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PowerRating) – The Puerto Rican bank defied its namesake after having its debt rating downgraded by Fitch. Shares dropped 4.31% or 0.12 cents to $2.43.
Pep Boys
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PowerRating) – Crushed analysts estimates by 89% sending the stock higher by 11.40% or 0.95 cents to $9.37.
US Steel
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PowerRating) – Jumped 7.87% or $2.74 to $37.80 upon being upgraded by Morgan Stanley to overweight.
Oil added $1.92 to $69.88, Gold advanced $2.20 to $954.70 and the VIX index dropped another 5.04% to 28.27 as fear seeps out of the market.
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