Stocks Soar, Bernanke Defends, Auction Success
Stocks soared today led by retailers and commodity shares as Ben Bernanke launched a strong defense of misconduct allegations from several lawmakers. A successful Treasury Auction of $27 billion dollars of seven year notes further bolstered the optimism. The DJIA advanced +172.54 to 8472.40, the Nasdaq climbed +37.20 to 1829.54 and the broad based S&P 500 jumped +19.32 to 920.26.
Alcoa
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PowerRating) – The aluminum maker gained 4.70% or 48 cents to $10.69/share after Citibank initiated coverage with a buy rating.
Bed Bath & Beyond
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PowerRating) – The retailer beat estimates sending shares higher by 9.51% or $2.70 to $31.10.
J. C. Penney
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PowerRating) – Added 5.53% or $1.47 to $28.07/share after being upgraded to overweight by JP Morgan.
Office Depot
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PowerRating) – Positive words from Goldman Sachs lifted shares 8.05% or .33 cents to $4.43.
Oil advanced $1.56 to $70.26, Gold climbed $5.10 to $939.50 and the VIX dumped 9.26% to $26.36 as confidence returned to the marketplace.
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