Stocks Rally, Senate Freezing Foreclosures, Gold Down Again
Stocks spiked up off of morning lows on rising transports and material issues ending the session nicely higher, despite extreme turmoil in financial names. The Senate Banking Commission has requested that Fannie Mae and Freddie Mac freeze all mortgage foreclosure actions in an attempt to turn the non performing loans into money makers. The DJIA soared +165.20 to 11434.12, the Nasdaq jumped +29.52 to 2258.22 and the broad based S&P 500 added +17.01 to 1249.05.
Allergan
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CSX Corp
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Lehman Brothers
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Live Nation
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Gold continued its descent falling $18.00 to $744.00/oz, oil gave back $1.90 dropping to $100.68/barrel approaching the technically critical $100.00 level and the VIX climbed 2.89% to 26.73 indicating increasing market fear levels.
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