Today was a multifaceted news day. There was tame inflation and a better jobs report, but oil went through the roof as there was a big draw down in gasoline inventory and weak refinery trends. The earnings reports are now coming on in full force. Here were today's unofficial closing bell levels:
Dow 10,062.94 +47.08 (0.47%)
S&P 500 1,096.56 +4.54 (0.42%)
Nasdaq 2,173.29 +1.06 (0.05%)
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This morning we had earnings reports from both Goldman Sachs Group Inc. (NYSE: GS) and from Citigroup Inc. (NYSE: C). Both had better than expected earnings, yet both fell victim to profit taking, with Citi down almost 5% at $ and Goldman down 2% at $188.30 ahead of the closing bell.
American Express Company (NYSE: AXP) was up 0.5% at $35.29 right before the close as it showed that delinquencies were stabilizing. Today's data was based on September credit card bills.
Valero Energy Corp. (NYSE: VLO) was a huge winner today as traders were betting that the refinery stocks will rally. There was increased options trading in these all day. Valero shares were up almost 7% at $20.09 right before the closing bell.
DragonWave Inc. (NASDAQ: DRWI) was not a true IPO, but shares sank by over 7% to $9.70 right before the closing bell on its debut trading day.
Acorda Therapeutics, Inc. (NASDAQ: ACOR) took back its own mojo after losing it last week. An FDA panel voted 12-1 recommending approval for its new multiple sclerosis drug. This does not assure marketing approval, but it certainly tips the hand that approval is likely. Shares were up 47% at $24.75 right ahead of the closing bell.
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