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Today could be called the Bernanke cheer. Ben Bernanke managed to successfully convince Wall Street that interest rates were not going to rise any time soon. A slate of favorable earnings also added to spate of news that overseas emerging markets. These were the unofficial closing bell levels:
Dow 10,374.84 +92.43 (0.90%)
S&P 500 1,105.12 +10.52 (0.96%)
Nasdaq 2,235.59 +22.15 (1.00%)
Top Analyst Calls
Top Stock and Market Rumors
Autodesk Inc. (ADSK) managed to do well after the software company beat earnings and was raised to buy at Needham. Shares were up 9% at $27.96 before the close.
Millipore Inc. (MIL) confirmed that it is evaluating strategic alternatives after rumors all week about the Thermo Fisher (TMO) story. Shares were up over 5% at $93.45 before the close.
STEC Inc. (STEC) was crushed after multiple analyst downgrades, after the company continued to get hit on asset impairment charges. Shares were down 25% at $10.06 before the close.
Garmin Ltd. (GRMN) rose initially after earnings, but then the selling came on. Shares were down over 6% at $32.35 before the close.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
2-24-2010 @ 8:21PM
william lindblad said...
Yes, Ben did say that he intends to maintain the status quo and I posted over two years ago that he will eventually be, as the saying goes, between a rock and a hard place. While you are evaluating Wall St. optimism - evaluate reality.
Housing is off, both new and aftermarket.
Food prices rose last month.
Energy continues to rise.
Consumer sentiment is at all time lows.
job loss remains high and there are more and more at 6 months without work.
The UN GAP/GHP program will add multi-millions to the price of food by late summer.
Now, tell me, what is Ben going to do when confronted with a large jump in core inflation? Will he ignore it or raise rates like Volcker did? Given this economy it is going to be damned if you do - damned if you don't.