Energy Prices Tumble, JP Morgan Surges, Gold Climbs

Stocks rally for the second day with better than expected earning results in the financial sector and plunging energy prices. The DJIA jumped another +191.26 to 11430.54, the Nasdaq climbed +27.45 to 2312.30 and the broad based S&P 500 advanced +14.69 to 1260.05.

JP Morgan (JPM | Quote | Chart | News | PowerRating) surged 10.49% or $3.77 to $39.71/share after releasing better than expected earnings and less losses from the Bear Sterns takeover

HNI Corp. (HNI | Quote | Chart | News | PowerRating) - The office furniture maker shocked the market with 70% greater earnings than expected, jumping 29.22% or $5.05 to $22.40/share

Safeway Inc. (SWY | Quote | Chart | News | PowerRating) dipped 10.83% or $3.30 to $26.72 after the United States third largest supermarket chain failed to meet forecasts.

Yum Brands (YUM | Quote | Chart | News | PowerRating) fell 6.99% or $2.55 to $33.94/share due to higher food costs damaging profits.

Oil fell another $4.69 to $129.91/barrel, gold climbed $8.00 to $970.70/oz and the S&P Energy Index fell 9.12 to 564.28.

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