Stock Rally Ends 2008, Unemployment Drops, Treasury Helps Auto Businesses

By | TradingMarkets.com | December 31, 2008 04:50 PM
Symbols: TWC, AKRX, PSD, NPBC

2008 went out with a positive bang as dropping unemployment claims and word that the treasury will assist any business they decide is important to manufacturing or financing automobiles triggered a broad based rally. The majority of analysts surveyed by Bloomberg are expecting 2009 to be a positive one for the stock market, today appears to be a confirmation signal for the future. The DJIA rallied +108.00 to 8776.39, the Nasdaq climbed +26.33 to 1577.03 and the S&P 500 soared +12.61 to 903.25 capping out the bearish year in a bullish fashion.



Akorn Inc ( AKRX | Quote | Chart | News | PowerRating) - Jumped 18.97% or 0.37 cents to $2.32/share after the FDA approved the company's treatment for infections.


National Penn Bancshares ( NPBC | Quote | Chart | News | PowerRating) - Gave back 4.45% or 0.67 cents to $14.37/share due to a heavy impairment charge caused by writing down the value of its preferred securities.


Puget Energy ( PSD | Quote | Chart | News | PowerRating) - Advanced 18% or $4.17 to $27.34 after Puget Holdings obtained information to purchase the company for $7.4 billion.


Time Warner Cable ( TWC | Quote | Chart | News | PowerRating) - Fell 1.42% or 0.31 cents to $21.45 after Viacom threatened to pull channels.


Oil climbed $4.19 to $42.64, gold added $14.30 to $884.30 and the VIX ended the year down 3.92% to $40.00 as fear eases out of stocks.









Market Snapshot
















Dow

+108.00 8776.39








NASDAQ

+26.33 1577.03






S&P 500

+12.61 903.25












Economic
News










Chicago PMI (Dec): Consensus 33.0, Prior 33.8


Consumer Confidence (Dec): Consensus 45.2, Prior 44.9


Initial Claims (Dec 27): Consensus NA, Prior NA


ISM Index (Dec): Consensus 35.4, Prior 36.2






Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: December 31, 2008

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