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Closing Bell: Spelling relief, when a loss is a win

When you have a trading day like today and it comes after a week like this week, it is hard to determine if you are happier that the rally came on at the end of the day or if you are happier that the closing bell came to end the week. The markets closed down today but today felt like a win when you consider the 400 point move higher off of late day lows in the last hour. There are hopes of a coordinated G7 announcement this week along with some fresh hopes that the Treasury will make new banking injections and help in the LIBOR woes. The bond traders left at 2:00 PM early for Columbus Day, and the bond market is closed Monday.

Here are the unofficial closing bell levels, and remember that the exchange takes much longer to find actual close levels right now:
DJIA 8,477.40 -101.79 -1.19%
NASDAQ 1,649.51 +4.39 +0.27%
S&P500 901.24 -8.68 -0.95%
10YR T-NOTE 3.861% +0.027%
Top Analyst Upgrades

Barclays plc (NYSE: BCS) fell on reports that the financial bank giant is considering raising capital as part of the government's bailout package in the UK. Shares were down 9% at $14.66 in the final minutes before the close.

Biogen Idec Inc. (NASDAQ: BIIB) shares were down most of the day after it suspended its trial of baminercept, a drug designed to treat rheumatoid arthritis after it failed to show disease improvement in 14 weeks. Shares were down 0.5% at $44.58 in the final minutes before the close.

Ford Motor Company (NYSE: F) was under pressure again today as questions over solvency and liquidity remain, and the CFO retiring was another feather in the cap. Shares were in the final minutes before the close.

General Electric Company (NYSE: GE) showed some stability after earnings. Its $0.45 EPS was in line with estimates and its recent guidance, and that $170 billion order backlog may be larger than any company globally. Shares were up almost 7% at $20.29 in the final minutes before the close.

Host Hotels & Resorts Inc. (NYSE: HST) initially showed that lodging is in for tough times, yet the rally at the end of the day in the stock was amazing. The REIT reported that third-quarter net income fell 44% on 2.4% lower revenue numbers. Shares were up 18% at $9.34 in the final minutes before the close.

International Business Machines (NYSE: IBM) showed that some companies can still raise cash in these troubled times after the IT giant sold $4 billion in debt in a multiple maturity offering.

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Symbol Lookup
IndexesChangePrice
DJIA+494.138,046.42
NASDAQ+68.231,384.35
S&P 500+47.59800.03

Last updated: November 22, 2008: 12:28 PM

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