Stocks rocketed higher today on the heels of solid earnings from Exxon and surprisingly positive results from the manufacturing sector. Obama announcement of a proposed budget of $3.8 trillion for 2011, complete with a tax on the highest-wage earners, did little to stem the bullish surge. U.S. manufacturing expanded the greatest since 2004 while over 80% of earnings since January 11th beat estimates. The DJIA responded by surging +118.20 to 10185.53, the Nasdaq advanced +23.85 to 2171.20 and the S&P 500 marched higher by +15.31 to 1089.18.
Citigroup (C): Advanced 0.30% or 1 cent to $3.33/share after it was discovered that they plan on selling or spinning off the Citi Private Equity Unit.
Alcoa Inc (AA): Led the DJIA higher by climbing 4.95% or 63 cents to $13.36/share on the ISM's Factory Index indication of expansion.
Ford Motor Co (F): Climbed 2.58% or 28 cents to $11.12/share as a Toyota sales stoppage slowed their competitor.
Advanced Micro Devices (AMD): Was upgraded to "market outperform" at JMP Securities sending shares higher by 6.97% or 52 cents to $7.98.
Oil added $2.02 to $74.91, gold advanced $21.50 to $1105.00 and the VIX index dipped 8.20% to 22.60.
| Market Snapshot | |||||||||||||||
|
| Economic News | |||
|
