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| Subject: --Nasdaq closes above 3000 for first time since 2000 Tuesday March 13th 2012 | |
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Author: stress tests |
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Date Posted: 00:59:54 03/14/12 Wed US Stocks Surge To Multiyear Highs; Fueled By Stress Tests, Economic Optimism 14/03/2012 8:06AM --Stocks stage biggest one-day rally in nearly three months --Stocks surge in final hour after stress-test results --Nasdaq closes above 3000 for first time since 2000 (Updates throughout with closing prices) By Chris Dieterich and Matt Jarzemsky Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Stocks climbed to multiyear highs, catching an early lift from solid domestic economic data, rocketing in the final hour after surprise stress-test results from a pair of the largest U.S. banks. The Dow Jones Industrial Average staged its biggest gain of the year, rising 217.97 points, or 1.7%, to 13177.68, notching the highest close since December 2007. The Standard & Poor's 500-stock index advanced 24.87 points, or 1.8%, to 1395.96, its highest close since June 5, 2008. Both the Dow and the S&P 500 extended gains for a fifth-straight session. For Dow industrials, it is the longest steak since September. The Nasdaq Composite added 56.22 points, or 1.9%, to 3039.88, its first close above 3000 since November 2000. Then stocks catapulted higher late on Tuesday afternoon after reports that J.P. Morgan and Bank of America passed U.S. Federal Reserve's stress tests. The Dow added more than 100 points in the session's final hour. "It sets a precedent for the other financials. More importantly, it confirms the economic metrics and gives you that confirmation here that the financials are in a very good state right now," said Matt Lloyd, chief investment strategist at Advisors Asset Management, in Monument, Colo. The financial sector's gains towered over the market on Tuesday. J.P. Morgan Chase surged $2.85, or 7%, to $43.39, after the bank said it passed the stress test and will raise its dividend, and also authorized a $15 billion stock repurchase program. The Wall Street Journal reported that Bank of America also passed the stress tests, and its shares shot up 50 cents, or 6.3%, to 8.49. Goldman Sachs Group rose 7.55, or 6.5%, to 124.54, Citigroup gained 2.16, or 6.3%, to, 36.45, and Wells Fargo jumped 1.82, or 5.8%, to 33.33. The Fed had planned to release the results of this year's stress tests on Thursday afternoon, but decided to move up the timing to Tuesday after the close after the early reports. Stocks opened higher after data showed that sales at U.S. retailers rose at the fastest pace in five months in February, and after a reading on small-business optimism rose for the sixth straight month to the highest level since December 2007. Stocks held gains after the Federal Open Market Committee took no new action and offered few hints about the potential for additional monetary-stimulus efforts. In Europe, the Stoxx Europe 600 rose 1.8%, and finished at its highest close since July after a German economic-expectations survey rose in March to its highest level since June 2010. Euro-zone finance ministers discussed the authorization of the first round of Greece's second bailout program. Additionally, Fitch Ratings raised Greece's sovereign-debt rating up from default status. In Asia, China's Shanghai Composite advanced 0.9%. Japan's Nikkei Stock Average gained 0.1% as the Bank of Japan didn't announce measures to aid the economy. Crude-oil prices gained 0.4% to $106.71 a barrel, while gold fell 0.3% to $1693.70 a troy ounce. The dollar gained ground against the euro and yen. The yield on the 10-year Treasury note rose to 2.102%. In other corporate news, Midas, an auto-repair franchise company, agreed to be acquired by TBC, a unit of Japan's Sumitomo, in a $173 million deal. Midas surged 2.45, or 27%, to 11.44. Yahoo filed suit against Facebook, alleging the social-networking company violated multiple Yahoo patents, including those covering technologies used in online advertising, messaging and privacy controls. Yahoo shares rose 6 cents, or 0.4%, to 14.55. Urban Outfitters reported fiscal fourth-quarter earnings that fell a bit shy of estimates as gross margins narrowed due to increased markdowns. The apparel retailer slumped 1.56, or 5.3%, to 27.95, the biggest-percentage decliner on the S&P 500. GNC Holdings said it likely will beat its first-quarter earnings projection after it recorded stronger-than-expected sales at existing stores through February. The nutritional-supplement retailer rose 2.71, or 8.7%, to 33.95. Barnes & Noble named Michael P. Huseby, a Cablevision Systems veteran, as its chief financial officer. The appointment is expected to help the bookseller as it undergoes a tech-focused transformation. Barnes & Noble rose 77 cents, or 5.7%, to 124.54. -By Chris Dieterich, Dow Jones Newswires; 212-416-2611; christopher.dieterich@dowjones.com (END) Dow Jones Newswires March 13, 2012 17:06 ET (21:06 GMT) Copyright (c) 2012 Dow Jones & Company, Inc [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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| Theme by Ed Phillips radio staion 91.5 (NT) | Wednesday 14th March week 11==Stress | 01:01:45 03/14/12 Wed |
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