Stocks Reach Higher, Home Sales Surprise, Obama Backs Lending
Stocks closed higher today on a plethora of good news. The bulls were fueled by a surprising jump of 7.4 % in existing home sales. This was the largest increase in almost 3 year. Further news of the Obama administrating seeking to increase business lending added to the optimistic session. The VIX index dropping below 20 for the first time in over a year gave additional signals that fear has left the market. The DJIA advanced +50.79 to 10464.93, the tech heavy Nasdaq pushed higher by +15.01 to 2252.67 and the broad based S&P 500 climbed +3.97 to 1118.02.
American International Group
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PowerRating): Shares climbed 10.66% or $2.99 to $31.05 on word of the company stopping plans to IPO, its property casualty unit.
Clarient
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PowerRating): Gained 4.44% or 11 cents to $2.59/share after it was announced they acquired privately held Applied Genomics.
EnerNOC
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PowerRating): A Bank of America upgrade to “buy” sent shares higher by 14.29% or $3.99 to $31.91 for the electricity demand reduction service.
Progress Software
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PowerRating): Advanced 7.69% or $1.99 to $27.88 after beating analysts earnings estimates.
Gold fell another 9.30 to $1087.00, oil added 35 cents to $74.07 and the VIX fear index collapsed 4.64% to 19.54.
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