Crude surpassed $126.00 before retreating down by $1.85 to $124.11 late in the day. Many are citing that the interest in owning the dollar is also partly to thank for today's gains. Below are the unofficial closing bell prices for major index levels:

• DJIA 12,879.24 (+133.36; +1.05%)
• S&P 500 1,403.50 (+15.22; +1.10%)
• NASDAQ 2,487.86 (+42.34; +1.73%)
• 10YR-TBond 3.775% (+0.008%)
• 52 WEEK LOWS
• ANALYST CALLS

AnnTaylor Stores Corp. (NYSE: ANN) rose today after it forecast that first quarter profit will exceed projections. Additionally, the women's apparel store reported its plans to drop its older women fall line but push the opening of its Loft outlets. Shares were up 16% at $28.50 in the final minutes of trading.

MOST NOTEWORTHY: In addition to Palm Inc. (PALM) and Research in Motion (RIMM), four prominent Airlines topped today's list of downgrades.

• Merrill Lynch downgraded shares of Palm, Inc. (NASDAQ:PALM) to Neutral from Buy following the company's reduced second-quarter outlook.
• BMO Capital Markets downgraded Research in Motion Ltd. (NASDAQ:RIMM) to Market Perform from Outperform, citing valuation.
• Benchmark, a boutique firm, downgraded Continental Airlines (NYSE:CAL), JetBlue Airways Corp (NASDAQ:JBLU), US Airways Grp (NYSE:LCC) and UAL Corp (NASDAQ:UAUA) to Hold from Buy, citing valuation.

OTHER DOWNGRADES:

• Quest Software, Inc. (NASDAQ:QSFT) was downgraded at Pacific Crest to Sector Perform from Outperform based on poor visibility and option concerns.
• Finally, Citigroup said shares of Cox Radio (NYSE:CXR) and Cumulus Media, Inc. (NASDAQ:CMLS) have rallied on LBO speculation that is unlikely to prove out in the near-to-intermediate term and that 2007 growth expectations could prove to be optimistic; Citigroup downgraded both companies to Sell from Hold.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Earlier on the STOP TRADING segment on CNBC, Cramer showed 3 ideas for possible buyouts. He thought private equity would possibly consider Cumulus Media (CMLS) for radio. Cramer also noted fast food plays Jack in the Box (JBX) and Sonic (SONC) as potential buyout candidates.

He also thought private equity would consider TJX Corp (TJX) and Limited (LTD) in retail.

Cramer's only cautious stock was Pepsi (PEP) because of the large exposure to chips and snacks, and said it lost its fizz.