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Today was one of those magical days where no bad news could get in the way and all good news was viewed as the leader. Despite there now having already been 1 million foreclosures in 2009, the direction of personal income and spending was in the right direction while a revival was seen in manufacturing and construction. The DJIA was also challenging its 200-Day Moving Average, but that is after the S&P 500 Index crossed its 200-Day Moving Average. Here were today's unofficial closing bell levels:Dow 8,721.36 +221.03 (2.60%)
S&P 500 942.87 +23.73 (2.58%)
Nasdaq 1,828.68 +54.35 (3.06%)
Top Analyst Upgrades
Top Analyst Downgrades
General Motors Corporation (NYSE: GM) is toast. The auto giant has filed for bankruptcy. Amazingly enough, shares were up 10% at $0.84 late in the day. Ford Motor Company (NYSE: F) was also up on the day as it was viewed as the last man standing. Ford was up almost 7% at $6.15 late in the day.
Cisco Systems Inc. (NASDAQ: CSCO) is the replacement as a DJIA component in place of General Motors. Its shares were up over 5% at $19.50 at the end of the day.
Citigroup, Inc. (NYSE: C) also saw its stock get run-through. It is being booted out of the DJIA as well, with Travelers Companies, Inc. (NYSE: TRV) replacing it. Travelers was up almost 3% and Citi was down over 1% late in the day.
Biovest International Inc. (OTC: BVTI) was probably the big winner at the American Society of Clinical Oncology. Its Phase III cancer data was literally off the charts in using the body's own immune system to fight the tumors. This micro-cap stock was up a sharp 80% at $0.89 ahead of the close, but it opened well above the $1.00 mark.
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