Stocks Surge, Drugs Rally, Home Sales Surprise
The stock market surged across the board today on the heels of surprisingly good news in the Pending Home Sales figure and strong earnings from the drug sector. The Pending Home Sales figure had its first increase in 4 months, as consumers begin to take advantage of favorable mortgage rates and relatively cheap prices. Merck and Schering-Plough posted better than expected earnings due to effective cost cutting measures, further adding fuel to today’s rally. The DJIA surged 141.53 to 8078.36, the tech heavy Nasdaq climbed 21.87 to 1516.30, and the broad based S&P 500 advanced 13.07 to 838.51.
DH Horton
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PowerRating) – America’s 3rd largest home builder led the S&P 500 higher with a gain of 21.44% or $1.31 to $7.42/share as the entire sector rallied due to surprising existing home sales figures.
United Parcel Service
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PowerRating) gained 6.08% or $2.58 to $45.00/share on aggressive cost cutting measures to counteract the volume contraction in shipping.
Merck
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PowerRating) – The drug maker added 6.37% or $1.81 to $30.24/share upon announcing good earnings due to increased sales and cost cutting.
SanDisk
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PowerRating) fell hard 23.23% or $2.62 to $8.66/share after advising of drastically lower first quarter sales missing estimates.
Oil added 95 cents to $41.03, gold slipped $7.00 to $900.20 and the VIX fear index gave back 5.30% to 43.06.
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