Stocks Rally, IBM Optimistic, Oil Soars
The stock market rallied today on IBM’s optimistic 2009 forecast and a bounce in the financials, as the market decided to take a positive look at the Obama rescue plan. Oil soared in sympathy with equities as the correlation rung true today. The DJIA jumped +279.01 to 8228.10, the tech heavy Nasdaq advanced +66.21 to 1507.07 and the broad based market barometer S&P 500 climbed +35.02 to 840.24.
State Street
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PowerRating) – After a dire day yesterday, the world’s largest money manager for institutions rebounded 14.64% or $2.18 to $17.07/share upon rumors of it becoming a take over target.
Webster Financial
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PowerRating) – Dropped 6.93% or 0.45 cents to $6.04/share upon being cut to negative by Standard and Poors.
International Business Machines
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PowerRating) – Added 11.51% or $9.44 to $91.42/share as the computer behemoth gave optimistic forecasts for 2009.
Cash America
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Oil soared $2.71 to $44.24, gold slipped back 5.10 to $850.10 and the fear index VIX plummeted 18.06% to 46.42.
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