Wednesday's Closing Update

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 |  Includes: BAC, C, DIS, XOM
by: Midnight Trader

4:10 PM, May 6, 2009 --


-NYSE up 119.8 (2.1%) to 5,890.53.

-DJIA up 102 (1.2%) to 8,512.20.

-S&P 500 up 15.7 (1.7%) to 919.54.

-Nasdaq up 5 (0.3%) to 1,759.10.

GLOBAL SENTIMENT

Hang Seng up 2.46%

Nikkei closed for holiday.

FTSE +1.37%

DOWNSIDE MOVERS

(-) GM says reverse stock split may be ahead; Saturn may be sold to Renault.

(-) SPSN to be delisted from Nasdaq.

(-) AGU reports Q1 EPS below estimates.

(-) FWLT reports Q1 results below expectations.

(-) GRMN reports Q1 earnings sharply below year-ago results.

UPSIDE MOVERS

(+) BAC improves after early declines followed reports of greater-than-expected capital need.

(+) CKSW beats earnings expectations.

(+) SUMT gets $4.50/share cash offer.

(+) SBGI beats with Q1 results.

(+) ARM up sharply after latest results.

(+) RSO gains after latest results.

(+) RIG beats with Q1.

(+) DIS gets upgrade after earnings beat.

(+) FIG tops revenue estimate.

(+) DVN tops with adjusted Q1 results.

(+) BYD tops earnings expectations.

MARKET DIRECTION

Results are due out after the closing bell from tech bellwether Cisco Systems (NASDAQ:CSCO), videogame maker Electronic Arts (ERTS), and media giant News Corp. (NASDAQ:NWS).

As for regular trading, the major averages post respectable gains after a late-day surge. The Nasdaq Composite lagged the broader market's rise initially but turned positive in afternoon trading and remained there through the final bell.

Stocks posted solid gains out of the gate but fell back to near even at mid-day, with the Nasdaq trading in the red before joining the broader averages on higher ground late in the day. Early market gains were inspired by job market data.

The ADP National Employment Report said private sector employment fell by 491,000 last month, a huge improvement from the 708,000 jobs lost in March.

Financial stocks were up sharply as the Street continues to speculate about which firms are in greater need of capital. Several reports said regulators have told Bank of America (NYSE:BAC) that it will need to raise about $34 billion, more than most previous expectations. The government is expected to formally release the bank stress test results on Thursday. BAC is up 15% late in the day. Citi (NYSE:C) is up 14%.

Crude oil futures closed at six-month-highs above $56 a barrel, jumping some 4% after data showed inventories rose less than expected and as the jobs data offered support of an economic bottom. Exxon Mobil (NYSE:XOM) is up 1%.

Dow component Walt Disney (NYSE:DIS) jumped after the No. 1 U.S. entertainment company topped Wall Street forecasts on quarterly earnings after the bell yesterday and was upgraded this morning.