We started seeing some divergence again as stocks rose while the dollar was up and oil was down. Maybe markets will go back to acting more on their internal fundamentals and their own technical patterns rather than that of the dollar or the price of oil, as crude closed under $70 and as stocks stayed strong. Inflation was rather tame at 0.7% in commodity imports if you take out the price of oil. Overseas market strength kept a solid floor under any selling attempts by bears today. Here are the unofficial closing bell levels:
Dow 10,471.50 +65.67 (0.63%)
S&P 500 1,106.41 +4.06 (0.37%)
Nasdaq 2,190.31 -0.55 (-0.03%)
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Dendreon Corporation (DNDN) hardly budged despite a discounted secondary offering pricing. The company sold 15 million shares at $24.75 after a $25.65 close yesterday. Shares were down only 1.3% at $25.31 late in the trading day.
Fannie Mae (FNM) rose sharply after the House passed the financial reform bill. The stock was up 11% at $1.03 late in the trading session. This pulled other junk financial players up too.
Sunesis Pharmaceuticals (SNSS) continued its run as traders look for the next 10-bagger in biotech. The stock was up 25% at $1.75 late in the day, but it hit an intraday high late this morning of $2.43 as traders try to chase any small-cap low-priced biotech stock with solid drug trial news.
IMAX Corporation (IMAX) traded more like CLIMAX than anything else. The stock saw active options trading early on and shares rose on strong volume ahead of the hit Avatar due out in theaters this month. Shares were up 7.5% at $12.65 late in the day.
IMS Health (RX) was a big loser today as legislation is barring data mining from drug marketers. Ouch for them, good for you and me. Shares were down 5.4% at $20.20 late in the trading day.
The Boeing Company (BA) was up on word that December 15 may be the flight day of the 787 Dreamliner after delay after delay. Shares were up 1.3% at $55.75 late in the trading day.
Electronic Arts, Inc. (ERTS) was down by 1.8% at $16.14 late in the day after NPD showed a drop rather than a small gain expected in overall video game sales in November. Frankly, this held up better than the news looks.
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