Financials Rally, Stocks Mixed, Unemployment Surges

Stocks closed mixed today after fighting back from substantial losses earlier due to surging unemployment. The rally was led by financials sparked by positive news from Lehman Brothers and optimistic banter from hedge fund king, Barton Biggs. The DJIA climbed +32.73 to 11220.96 after being down 150 earlier in the session. The Nasdaq gave back -3.16 to 2255.88 and the broad based S&P 500 added +5.48 to 1242.31, thus ending the worst week since May, 2008.

Lehman Brothers (LEH | Quote | Chart | News | PowerRating) led the financials higher climbing 6.79% or $1.03 to $16.20/share on conjecture that the beat down firm may be able to raise capital.

Ulta Salon (ULTA | Quote | Chart | News | PowerRating) Climbed 14.20% or $1.57 to $12.63/share after beating profit estimates by one cent.

Exelon Corp. (EXC | Quote | Chart | News | PowerRating) plummeted 8% or $5.65 to $64.97 after Atlantic Equities cut its shares to underweight. This is the biggest drop since 2001.

Lorillard (LO | Quote | Chart | News | PowerRating) smoked up 6.36% or $4.43 to $74.09/share as the tobacco company staged its sharpest rally since being listed.

Oil dropped another $1.45 to $106.44, gold added $2.80 to $806.00 and the fear gauge VIX fell 5.65% to 23.03 as the markets relaxed due to the midday rally.

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