Stocks Hit Highs, Dollar Drops, Bernanke Warns
Stocks hit a 13-month high today as surprisingly positive retail sales figures helped to power the gains. Conversely, the U.S. dollar hit a 15 month low as Fed Chief, Ben Bernanke, warned of significant headwinds to the recovery, in a speech to the Economic Club of New York. Oil soared leading the energy sector higher wrapping up the very bullish session. The DJIA surged +136.49 to 10406.96, the tech heavy Nasdaq jumped higher by +29.97 to 2197.85 and the broad based S&P 500 advanced +15.82 to 1109.30.
Sprint Nextel
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PowerRating): Soared 12.90% or 40 cents to $3.50/share after being upgraded to “outperform” at Credit Suisse upon paying off one billion in debt.
US Steel
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PowerRating): Advanced 4.76% or $1.88 to $41.37/share upon JP Morgan adding the company to its focus list.
Citigroup
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PowerRating): Climbed 3.21% or 13 cents to $4.18/share after it was made public that Paulson & Co bought a piece of the company.
American Dairy
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PowerRating): Fell steeply 20.97% or $6.80 to $25.63/share after revealing its sales will not meet estimates this year.
Oil added $2.55 to $78.87, gold surged $22.70 to $1138.20 and the VIX fear index dropped 2.01% to 22.89.
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