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Aggressive buyers pushed stocks even deeper into overbought territory above and below the 200-day moving average. The S&P 500 crossed above its 200-day moving average for the first time in more than a year and the Nasdaq Composite closed higher by more than 3%.
The Dow ended the day up 221.11. The Nasdaq Composite closed higher by 54.35. And the S&P 500 gained 23.73.
Here are 7 Stocks You Need to Know for Tuesday.
General Motors (GM | Quote | Chart | News | PowerRating) officially sought out bankruptcy protection on Monday, as widely anticipated. Shares gapped lower at the open, but the stock ended the day up more than 11%.
Along with General Motors, Citigroup (C | Quote | Chart | News | PowerRating) will be leaving the Dow Jones Industrial Average. The stocks will be replaced in the DJIA by Cisco Systems (CSCO | Quote | Chart | News | PowerRating) and Travelers Companies (TRV | Quote | Chart | News | PowerRating). Shares of CSCO gapped higher at the open en route to gaining more than 5% on the day. TRV also gapped higher on Monday, gaining nearly 4%. Both Cisco Systems and Travelers Companies are trading above their 200-day moving averages.
Prudential Financial (PRU | Quote | Chart | News | PowerRating) announced on Monday that it would be seeking to raise $1.25 billion through an equity offering and was not interested in taking TARP funding. The Wall Street Journal reported that JP Morgan Chase & Company (JPM | Quote | Chart | News | PowerRating) will attempt to raise $5 billion in new capital. PRU pulled back by more than 2% above its 200-day moving average, while shares of JPM edged higher above the 200-day.
Reporting quarterly earnings after the market closes on Tuesday is home builder Hovnanian Enterprises (HOV | Quote | Chart | News | PowerRating). Analysts are expecting a per share earnings loss of 1.26. The stock was up more than 2% in advance of its earnings report.
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