Stocks Rise, Commodities Hit Record Highs
Stocks rose on Wednesday, despite oil and gold hitting record highs, the dollar falling to a record low, and Ambac Financial’s plunge.
The Dow gained +41.19, the Nasdaq Composite +12.53, and the S&P 500 +6.95.
Ambac Financial
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PowerRating) lost nearly 20% after the company announced plans to raise $1.5 billion and stop insuring mortgage-backed securities.
Big Lots
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PowerRating) was the biggest gainer in the S&P500 after the company beat estimates and raised guidance.
Chico’s FAS
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PowerRating) lost nearly 14% after revenues fell short.
The dollar fell to a record low versus the euro, leading to broad commodity gains.
Crude oil rose above $104 for the first time, before closing at $103.83. Gold hit a record high and silver hit a 27-year high. Copper rose to a 21-month high and platinum rose.
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