The stock market surged higher today on exploding higher Consumer Confidence figures despite a record drop in home prices and bad news from the auto sector. Home prices dropped over 19% in the first quarter, a new record decline. Auto maker, General Motors, moved closer to bankruptcy as bondholders failed to accept a debt for equity swap. The DJIA closed near the highs up +196.17 to 8473.49, the Nasdaq surged +58.42 to 1750.43 and the S&P 500 advanced +23.33 to 910.33.
Apple ( AAPL | Quote | Chart | News | PowerRating) - Advanced 6.60% or $8.11 to $130.61/share upon being upgraded to overweight by Morgan Stanley.
General Motors ( GM | Quote | Chart | News | PowerRating) - Surged over 25% higher intraday on word of massive government assistance despite the imminent bankruptcy. However, shares closed lower by 2.80% or 0.04 cents to $1.39/share.
Palm ( PALM | Quote | Chart | News | PowerRating) - Jumped 10.38% or $1.05 to $11.17/share on consumer acceptance of its new phone named "pre".
First Solar ( FSLR | Quote | Chart | News | PowerRating) - Dropped 6.37% or $12.21 to $179.51/share after being downgraded to market perform by FBR Capital.
Oil climbed 0.78 cents to $62.41, Gold fell $5.60 to $953.30 and the fear index VIX fell 6.16% to 30.62.
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