Closing Bell: The never ending rally (ABX, GE, PALM, VVUS)

Posted Sep 9th 2009 4:00PM by Jon Ogg
Filed under: General Electric (GE), Barrick Gold (ABX), Palm Inc (PALM)

Today was another up and away day, although after the 2:00 PM Beige Book and after a Treasury auction, it felt like today was just going to be a difficult one to call.

This is a light week on data and a light day on earnings and that makes it a hard tell each day to have serious conviction for bulls and bears alike. The DJIA went above 9,500 and marks the 4th day in a row of a rally.

Here are today's unofficial closing bell levels:

Dow 9,538.23 +40.89 (0.43%)
S&P 500 1,032.47 +7.08 (0.69%)
Nasdaq 2,058.60 +20.83 (1.02%)

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Barrick Gold Corporation (NYSE: ABX) was down over 6% at $36.87 after the company said that it was eliminating its gold hedges. This will result in a big stock sale and a big accounting charge.

General Electric Company (NYSE:GE) challenged the post-crash highs today after another analyst call as its price target was raised to $18 from $15 at Goldman Sachs. Shares were up over 2% at $14.85 late in the trading day.

Palm Inc. (NASDAQ: PALM) was slapped after Credit Suisse downgraded the stock. Shares were down 8% at $13.73 late in the trading day.

VIVUS Inc. (NASDAQ: VVUS) ran and ran sharply on major obesity study results in its Qnexa interim data. Shares were up about 76% at $12.20 late in the trading day on almost 70-times normal trading volume.

Tags: beige book, BeigeBook, featured, qnexa, treasury, VVUS