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A shockingly poor payroll figures indicating the most dismal unemployment rate since 1983 knocked stocks sharply lower at the open. However, a spate of company upgrades counteracted the bearish sentiment resulting in a vacillating, near break even trading day. The DJIA advanced +17.46 to 10023.42, the tech heavy Nasdaq closed up +7.12 to 2112.44 and the broad based S&P 500 added +2.67 to 1069.30.
General Electric (GE | Quote | Chart | News | PowerRating): Was the recipient of two of today's upgrades sending shares higher by 6.38% or 93 cents to $15.38.
XL Capital (XL | Quote | Chart | News | PowerRating): After Goldman Sachs upgraded the firm to "buy" shares added 3.86% or 64 cents to $17.23.
American International Group (AIG | Quote | Chart | News | PowerRating): The struggling bailed out insurer's shares plummeted 9.70% or $3.81 to $35.47 upon stating that its insurance business remained weak.
Amazon (AMZN | Quote | Chart | News | PowerRating): Climbed 4.57% or $5.51 to $126.12/share on a Sanford Bernstein upgrade to outperform.
Gold broke above the $1100.00 level for the first time intraday closing up $6.70 to $1096.00, oil fell $2.19 to $77.66 and the VIX index gave back 4.92% to 24.18.
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