Stocks Rally, Senate Freezing Foreclosures, Gold Down Again

By | TradingMarkets.com | September 11, 2008 04:45 PM
Symbols: AGN, CSX, LYV, LEH

Stocks spiked up off of morning lows on rising transports and material issues ending the session nicely higher, despite extreme turmoil in financial names. The Senate Banking Commission has requested that Fannie Mae and Freddie Mac freeze all mortgage foreclosure actions in an attempt to turn the non performing loans into money makers. The DJIA soared +165.20 to 11434.12, the Nasdaq jumped +29.52 to 2258.22 and the broad based S&P 500 added +17.01 to 1249.05.


Allergan ( AGN | Quote | Chart | News | PowerRating) rocketed 10.70% or $5.86 to $60.44/share after the Botox maker announced a study showing Botox as a migraine cure.


CSX Corp ( CSX | Quote | Chart | News | PowerRating) - The Railroad company tracked nicely higher adding 10.87% or $5.96 to $60.81 after increasing its 2008 profit projections and giving positive words about the industry.


Lehman Brothers ( LEH | Quote | Chart | News | PowerRating) gave back another 41.66% or $3.02 to $4.23/share after Moodys threatened more credit rating cuts.


Live Nation ( LYV | Quote | Chart | News | PowerRating) - The concert promoter rocked 6.62% or $1.05 to $16.92/share after agreeing to sell tickets at locations managed by SMG.


Gold continued its descent falling $18.00 to $744.00/oz, oil gave back $1.90 dropping to $100.68/barrel approaching the technically critical $100.00 level and the VIX climbed 2.89% to 26.73 indicating increasing market fear levels.









Market Snapshot
















Dow

 +165.20 11434.12








NASDAQ

 +29.52 2258.22






S&P 500

 +17.01 1249.05












Economic
News







Consumer Credit (Q2): Consensus $8.5B, Prior $11.0B


Pending Home Sales (Q2): Consensus -1.4%, Prior 5.3%


Wholesale Inventories (Jul): Consensus 0.7%, Prior 1.1%


Crude Inventories (09/06): Consensus NA, Prior -1898K

Export Prices ex-oil (Aug): Consensus NA, Prior 0.8%


Import Prices ex-oil (Aug): Consensus NA, Prior 0.9%


Initial Claims (09/06): Consensus 440K, Prior 444K


Trade Balance (Jul): Consensus -$58.0B, Prior -$56.8B


Treasury Budget (Aug): Consensus -$105.0B, Prior -$117.0B


Core PPI (Aug): Consensus 0.2%, Prior 0.7%


PPI (Aug): Consensus -0.5%, Prior -1.2%


Retail Sales (Aug): Consensus 0.3%, Prior -0.1%


Retail Sales ex-auto (Aug): Consensus -0.2%, Prior 0.4%


Business Inventories (Jul): Consensus 0.5%, Prior 0.7%


Mich Sentiment-Prel (Sep): Consensus 64.0, Prior 63.0

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Read David's latest thoughts on his blog, www.marketsurfer.com
Original publication: September 11, 2008
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