Stocks Skyrocket, Consumer Confidence Crushed, Yen Drops Hard

  • October 28, 2008
  • David Goodboy

Stocks skyrocketed today, exploding upwards in a massive rally despite crushingly negative consumer confidence numbers and rising oil prices.  Bargain hunters and rate cut anticipation pushed the DJIA ahead by +889.35 to 9065.12, the Nasdaq soared +143.57 to 1649.47 and the broad based S&P 500 jumped an astounding +91.59 to 940.51.  Word of a rate cut in Japan pushed the Yen to a steep decline against the U.S. Dollar.

AmeriCredit
(
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PowerRating) – A dark spot on a stellar day in the market falling 23.01% or $1.36 to $4.55/share as high charge offs hit this auto lender of last resort.

AT&T
(
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PowerRating) – Climbed 13.20% or $3.22 to $27.61/share after Morgan Stanley increased its holding in its portfolio.

Metavante Tech
(
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PowerRating) – Soared 32.69% or $3.88 to $15.75/share as the maker of banking technology products said it was increasing its forecast.

Plum Creek Timber
(
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PowerRating) – Advanced 24.49% or $7.53 to $38.28/share due to increasing land sale revenue.

Oil climbed 0.73 cents to $63.95, gold added $4.50 to $747.40 and the VIX fear index dropped 16.36% to 66.96 as confidence seeps back into the stock market

Market Snapshot

Dow

 +889.35 9065.12

NASDAQ

 +143.57 1649.47

S&P 500

 +91.59 940.51

Economic
News

New Home Sales (Sep): Consensus 450K, Prior 460K

Consumer Confidence (Oct): Consensus 52.0, Prior 59.8

Durable Orders (Sep): Consensus -1.0%, Prior -4.5%

Crude Inventories: (Oct 25) Consensus NA, Prior NA

FOMA Policy Statement: Consensus NA, Prior NA

Chain Deflator-Adv. (Q3): Consensus 4.0%, Prior 1.1%

GDP-Adv. (Q3): Consensus -0.5%, Prior 2.8%

Initial Chains (Oct 25): Consensus 473K, Prior 478K

Employment Cost Index (Q3): Consensus 0.7%, Prior 0.7%

Personal Income (Sep): Consensus 0.1%, Prior 0.5%

Personal Spending (Sep): Consensus -0.2%, Prior 0.0%

Chicago PMI (Oct): Consensus 48.0, Prior 56.7

Mich Sentiment-Rev. (Oct): Consensus 57.5, Prior 57.5

 

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