Tax Day Protests, Late Day Stock Surge, Economy Stabilizing
Federal tax day was met with a flurry of tax protest “Tea Parties” across America, including tea bags tossed on the White House lawn. This occurred despite the fact that the Obama Administration has not increased taxes and has made overtures quite the opposite. The Federal Beige Book indicated that the economy may be stabilizing triggering a late day rally pushing shares into positive territory at the close. The DJIA closed higher by +109.44, breaking the 8000 technical resistance level, closing at 8029.62, the tech heavy Nasdaq eked ahead by +1.08 to 1626.80 and the broad based S&P 500 advanced +10.56 to 852.06.
DR Horton
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Intel
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Starbucks
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Raymond James
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Gold gained $1.50 to $893.50, Oil eased ahead 0.16 cents to $49.77 and the VIX fear index fell 3.98% to 36.17 as confidence returns to stocks.
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