« Warren Buffett to buy stake in Bear Stearns? | Main | Interesting Charts- Proctor and Gamble (PG) »

Sep26
Stocks rally on GM news and Bear Stearns speculation

This market recap will be shorter than GrowYourFunds RSS Feed Subscribers are accustomed to seeing from me, but I will be traveling tonight so my time is limited.

The Dow rallied by nearly 100 points today, finishing up by 99.50 points on the bull.jpgday. The Nasdaq closed up by 15.58 and the S&P 500 closed higher by 8.21, or 0.54%.

The Dow was the strongest of the three major indices because of General Motors (NYSE:GM). GM shares rallied by 9.36% on nearly 4 times its average daily volume after news of the settlement between it and the UAW made investors enthusiastic about the shares.

Financials were strong today, with the investment banks showing the largest amount of outperformance. Bear Stearns and the news surrounding a possible 20% stake from Warren Buffett fueled the fire in this industry. Morgan Stanley (NYSE:MS) shares rose by 2.61% and Lehman Brothers (NYSE:LEH) rose 1.82%.

Basic material stocks rose today, continuing their recent strength. Monsanto Company (NYSE:MON) rose by 3.6% on news of its growth strategy overseas. Alcoa Inc. (NYSE:AA) shares rose by 3.97%, helping to fuel the jump in the Dow today.

Tech stocks were mostly higher on the day, with several major tech stocks reaching new 52 week highs. Cisco Systems (Nasdaq:CSCO) gained 1.7% to close at a new high. NVIDIA Corporation (Nasdaq:NVDA) shares gained 2.37% to reach another new yearly high.

Volume was notably light today, as investors seemed reluctant to do too much in today's market. The gains today were more a product of a lack of selling than they were a huge rush of buyers swooping into the markets. Up Volume bested Down Volume by about 2 to 1 margin on both the NYSE and the Nasdaq today.

New home sales from August are due out tommorrow morning, so that number will likely get some press. The final measure of the GDP from the 2nd quarter will also be released, but since it is in the now distant future it will likely not cause much of an impact on the markets.


0 Comments/Trackbacks




submit a trackback

TrackBack URL for this entry:

post a comment

Name, Email Address, and URL are not required fields.





Comment Preview

« Warren Buffett to buy stake in Bear Stearns? | Main | Interesting Charts- Proctor and Gamble (PG) »

Advertise

Related Resources

recent comments

    sponsored ads



    subscribe


    Prefer Email?
    Subscribe below-

    Enter your Email:


    Powered by FeedBlitz What's this?

    Current News

    Support This Blog

    blogroll


    business social media

    Use these fast growing business social media sites to promote your business, feature your products, spotlight your business leaders, create links, and drive traffic back to your company site, all for free!

    BIZZlogos - Add your logo - free link to your site
    BIZZphotos - Add photos of your products and people
    BIZZprofiles - Submit your profile and build your online visibility
    BIZZspotlight - Spotlight your business with free links
    BIZZvideos - Videos about businesses, products and business people.
    BIZZbites - "Digg" for Business - Submit your articles and posts

    Know More Media - Finance / Banking / Insurance

    know more media network

    View Network Map

    Network Feed List (OPML)

    Know More Media Network
    Feed


    we support unitus

    PRWeb

    Influencer



    GrowYourFunds is a member of the Know More Media network of business related blogs.

    Here are some current headlines from some of our business publications:

    ProductivityGoal

    CallCenterScript

    AdHurl

    TheBizofKnowledge

    LandingTheDeal

    CustomersAreAlways

    HealthCareVox

    BrainBasedBusiness

    TheInsurancePolicy

    MarketingBlurb