Join        Login             Stock Quote

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.


Hang Seng up 1.87%

Nikkei up 0.18%

FTSE up 2.04%


(+) 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.


(-) 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.

iOnTheMarket Premium


Comments Closed

rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.