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Closing Bell: Bulls overcome a weak FOMC commentary, barely

Posted Jun 25th 2008 4:16PM by Jon OggJon Ogg RSS Feed
Filed under: After the bell, Major movement, MasterCard Inc'A' (MA), Amgen Inc (AMGN)

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Today was a coin toss going into the FOMC meeting, and even after the meeting. The market could have gone either way today when the Federal Reserve said it is hoping inflation to come down later in the year and that it isn't that hawkish on inflation versus growth. Traders took the stance that rates will not be running rampantly higher by the end of summer. The other news on the economic front didn't inspire much either, as new home sales and prices in may continued their decline. Oil prices fell at one point more than $4.00 per barrel after an increase in inventory levels.

Below are the unofficial closing levels for today:

DJIA 11816.63 (+9.20)
S&P500 1322.36 (+8.07)
NASDAQ 2400.89 (+32.61)
10YR T-Note 4.115% (+0.01%)
52-Week Lows
Top 10 Analyst Calls

NASDAQ short interest came out today and showing marked bets against technology and more bets against solar power stocks.

Amgen Inc. (NASDAQ: AMGN) saw a rise despite the short selling interest with bets against the company having risen by more than 100% to 48.4+ million shares as of June 13. Shares were up 1.3% at $46.98 in today's final minutes.


MasterCard Inc. (NYSE: MA) was still up over 4% at $292.29 in today's final minutes after the company announced it had settled its AmEx litigation early this morning.

Petroleo Brasileiro (NYSE: PBR), or PetroBras, came on strong at the end of the day after Ken Heebner of CGM Funds appeared on CNBC today, keeping his stance as PBR being the single best idea out there. Shares were up 4.4% at $69.05 in the final minutes today.

Sonic Corp. (NASDAQ: SONC) was a big loser after the company's earnings warning took shares to a new 52-week low. Its stock was down almost 12% at $14.57 in today's final minutes.

Tags: amgn, inthenews, ma, pbr, sonc

Symbol Lookup
IndexesChangePrice
DJIA+20.0310,246.97
NASDAQ-2.982,151.08
S&P 500-0.071,093.01

Last updated: November 10, 2009: 11:09 PM

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