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Stocks were up strongly across the board after oversold conditions, especially in the Dow industrials and S&P 500, created buying and short-covering opportunities for traders. Today's rising markets provide a short term bullish context for the FOMC Fed funds rate announcement today at 2:15 p.m. Eastern.
Among the leading sectors climbing on Tuesday were financials and airlines. Wachovia (WB | Quote | Chart | News | PowerRating) and Lehman Brothers Holdings (LEH | Quote | Chart | News | PowerRating) were both up more than 6% by midday, while both UAL Corporation (UAUA | Quote | Chart | News | PowerRating) and Continental Airlines (CAL | Quote | Chart | News | PowerRating) are ahead by more than 8% so far.
Given the overall bullishness of the market at midday, it is ironic that the number of truly big midday movers up 20% or more is relatively small. The consecutive days of selling have clearly enabled buyers to seek out bargains in a wider than normal range of stocks.
Here is a list of stocks that have gained 20% or more so far in trading today.
| Name | Symbol | % Up |
|---|---|---|
| Castlepoint Holdings Inc. | CPHL | +26.46 |
| Georgia Gulf Corporation | GGC | +22.38 |
Here is a list of stocks that have lost 20% or more so far in trading today.
| Name | Symbol | % Down |
|---|---|---|
| Midway Games Inc. | MWY | -29.36 |
| Global Industries Ltd. | GLBL | -26.19 |
| Otter Tail Power Company | OTTR | -21.18 |
| Numerex Corporation | NMRX | -20.00 |
Source: MarketWatch
For a list of today's top-rated stocks, click here.
David Penn is Senior Editor at TradingMarkets.com.
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