Stocks Fight Back
Investors reversed course on Thursday sending the Dow and S&P 500 to fresh 2009 highs. A late session rally helped the DJIA add 37.11 points during the last 90 minutes of trading. Sharp gains in some financial and industrial stocks helped turn the market around, overcoming losses in energy and technology companies. Shares of AIG (AIG) surged 27% after the company's CEO told Reuters that he doesn't support a fire sale of the insurer's assets. Other financial shares on the move included Freddie Mac (FRE), Fannie Mae (FNM), Citigroup (C), and Bank of America (BAC). The number of financial institutions on the government's watch list surpassed 400 in the second quarter, but the news didn't stop the rally. Better-than-expected economic news and a healthy infusion of monetary and fiscal stimulus also helped boost stocks. A dip in initial jobless claims last week added some reassurance that the economy is really improving. The price of oil turned higher, erasing morning lows. The dollar was mixed against other major currencies, while gold prices rose to $944.90 an ounce.
Latest News Sparking Headlines
Boeing set to launch Dreamliner after many delays -- After fits and starts, it appears Boeing Co.'s (BA) much vaunted 787 Dreamliner aircraft will finally make its maiden voyage later this year . But don't be surprised if it gets delayed once again.
Problem bank list tops 400 -- Is your bank included on the FDIC's latest list of problem lenders? Check out where the banks are failing.
Toyota Brings Down the Axe on CA Plant -- Toyota Motor Corp. (TM) announced Thursday that it plans to end production in March 2010 at the Fremont, Calif., plant it has run with General Motors Co.
Stanford Hospitalized as Ex-Aide Pleads Guilty -- A guilty plea from James Davis may be causing R. Allen Stanford's irregular heartbeat and extremely high blood pressure .
Toll Brothers Reports Steep Q3 Loss -- The housing market may be improving, but Toll Brothers Inc. (TOL) is still hurting. The largest US builder of luxury homes reported a wider loss for the third quarter as the recession weighed on sales.
Google News' Italian Problem -- Italy's Antitrust Authority has opened an investigation into Google (GOOG) Italy for alleged abuse of its dominant position in the Internet search market.
American Eagle Profit Drops 52% -- Mall-based apparel retailer American Eagle Outfitters (AEO) reported a large dip in profits as a result of teenagers and college students pared spending on their apparel.
Ford Shifts Into High Gear -- Ford Motor Co. (F) will return two plants in Michigan and Missouri to three shifts to meet demand for F-150 pickups and Ford Escape crossover vehicles.
Government Spending Props Up Economy -- Today's GDP figures for the second quarter provided more evidence that the recession is easing.
Jobless Claims: A Mid-Cycle Meltdown? -- The Department of Labor released their latest read of joblessness showing seasonally adjusted "initial" unemployment claims declined 10,000 last week.
California closes $1.5B deal to pay off IOUs -- California will begin redeeming its IOUs thanks to a $1.5B loan from JPMorgan Chase (JPM).
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