Stocks Surge, Microsoft Upgraded, Home Prices Plunge
Good news on the European financial front combined with a solid upgrade in technology giant, Microsoft sent stocks surging higher today. The Case-Shiller index reflected the fastest home price drop on record across 20 major cities. In addition, further bad news surfaced, with business activity slowing quicker than forecast. The major indexes closed higher despite the dire economic news and a bout of end of day profit taking. The DJIA closed up +86.90 to 7608.92, the tech heavy Nasdaq surged +26.79 to 1528.59 and the broad based S&P 500 advanced +10.34 to 797.87.
Microsoft
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PowerRating) – Advanced 6.01% or $1.05 to $8.53, leading the tech sector higher after a Davenport upgrade to buy.
Autodesk
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PowerRating) – The computer design software firm added10.64% or $1.62 to $16.64 upon being upgraded to a neutral by UBS.
Lincoln National
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PowerRating) – Rebounded 5.46% or 0.34 cents to $6.75 after stating it will pay $500 million debt maturity in full on the due date.
General Motors
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PowerRating) – Bankruptcy concerned pushed the injured automaker sharply lower again 25.56% or 0.69 cents to $2.01/share.
Oil climbed $1.25 to $49.18, Gold added $7.30 to $925.00 and the fear index VIX gave back 3.07% to 44.14.
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