Lehman’s Hostile Bid, Stocks Jump, Oil Drops

A Korean bank's potential hostile bid for the struggling Lehman Brothers combined with crude oils steepest decent in nearly 4 years resulted in a wildly positive stock market. Investors hopes were also renewed by several positive comments by Ben Bernanke at the Jackson Hole meeting today. The DJIA soared +197.85 to 11628.06, the Nasdaq followed suit with a +34.33 gain to 2414.71 and the S&P 500 advanced +14.47 to 1292.19.

Lehman Brothers (LEH | Quote | Chart | News | PowerRating) - The leading news story stock of the day advanced 9.11% or $1.25 to $14.97 on hostile takeover potential via a Korean bank lifting the entire financial sector.

Fannie Mae (FHM | Quote | Chart | News | PowerRating) climbed 2.89% or $0.14 to $4.99/share despite Warren Buffet saying "game over" for the mortgage giant and downgrades by Moody to one level above "Junk"

United Airlines (UAUA | Quote | Chart | News | PowerRating) - Flew 12.53% or $1/42 to $12.74/share on tumbling oil prices

Intuit (INTU | Quote | Chart | News | PowerRating) - The tax preparation software firm advanced $3.86% or $1.16 to $31.19/share crediting a strong 2009 forecast

Crude oil gave back yesterday's gains plummeting the steepest in nearly 4 years- $6.41 to $114.77/barrel. Gold gave back $11.90 to $827.50 and the fear gauge known as the VIX fell 5.10% to 18.81.

Win up to $10,000 predicting the direction of a stock!