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Market Closing: Stocks, Oil, Gold Rally On Improved Optimism After Australia Raises Rates

 October 06, 2009 05:00 PM
 


Stocks and commodities gained after the Bank of Australia became the first Group of 20 central bank to raise interest rates and ahead of a fresh round of earnings reports that bulls are betting will show better revenues confirm an improving corporate climate.

Financial shares fronted broad-market gains after an upbeat analyst note Monday and are contributing again on Tuesday. CIT Group (CIT) gained on news the company is in talks with Goldman Sachs to amend the terms of a $3 billion loan, according to the Wall Street Journal. UBS has resumed coverage of AIG (AIG) with a Neutral rating and a $44 price target, according to a report on MarketWatch.

Deal news continues and remains a supportive factor for stock trading.

Emerson (EMR) and Avocent Corporation (AVCT) announced they have reached agreement for Emerson to acquire Avocent. The Avocent Board of Directors unanimously endorsed the terms of an all-cash tender offer of $25 per share, or approximately $1.2 billion.

Analyst moves also are giving some shares a boost. General Mills (GIS) firms on an upgrade to overweight from equal weight at Morgan Stanley. Family Dollar (FDO) is raised to outperform from market perform at BMO Capital, and Select Comfort (SCSS) is raised to outperform from market perform at Raymond James.

On the downside, Mannkind (MNKD) fell after the company says in a SEC filing it won't enter a marketing partnership for AFRESA before the end of 2009.

Harris & Harris (TINY) fell after it says it priced 4.25 million shares at $4.75 each in a follow-on public offering.

Crude futures finished higher, pushed up as the dollar fell after Australia's hike. Oil for November closed up $0.47, or 0.7%, to $70.88 a barrel. Earlier, the contract had topped $71 a barrel in but it pared gains as the dollar came off its lows. Gold closed at a new record of $1,039 an ounce.

Exxon Mobil (XOM) was among the leading Dow gainers.

Yum! Brands (YUM) and AngioDynamics (ANGO) are among the few companies due to report earnings after the bell.

[Related -9 Stocks That Have Paid Dividends For Over 100 Years]

[Related -Stocks Bounce On Strong GDP Report]


-NYSE up 104.54 (1.5%) to 6,899.67.

-DJIA up 131.50 (1.4%) to 9,731.

-S&P 500 up 14.26 (1.4%) to 1,055.

-Nasdaq up 35.4 (1.7%) to 2,104.

GLOBAL SENTIMENT

Hang Seng up 1.87%

Nikkei up 0.18%

FTSE up 2.04%

UPSIDE MOVERS

(+) NTRI continues sharp evening advance seen on pact with Wal-Mart (WMT) to sell introductory diet plan.

(+) ACAD says still committed to Pimavanserin.

(+) ALU tapped by Equinix for first carrier-neutral ethernet exchange.

(+) COF JP Morgan raises earnings view for stock.

(+) CIT in talks with Goldman to amend loan terms.

(+) AIG restarted with Neutral rating.

(+) VZ Verison Wireless, Google (GOOG) in android platform pact.

(+) AVCT sold to Emerson for $25 a share.

(+) FONR swings to FY profit.

(+) FDO gets upgrade.

DOWNSIDE MOVERS

(-) MI turns lower; reports larger-than-expected loss.

(-) CVM down as Street.com questions H1N1 flu drug.

(-) STJ guides for Q3 miss.

(-) BA details charge related to 747-8 program.

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