Stocks Bounce Back, Show Sharp Gains

by: Midnight Trader

4:16 PM, Jun 2, 2010 --

  • NYSE up 178.4 (2.7%) to 6,839.54.
  • DJIA up 225.5 (2.3%) to 10,250.
  • S&P 500 up 27.7 (2.6%) to 1,098.
  • Nasdaq up 58.7 (2.6%) to 2,281.


  • Hang Seng down 0.12%
  • Nikkei down 1.12%
  • FTSE down 0.23%


(+) DIVX sold to Sonic Solutions at 41% premium.
(+) ENMD says compound demonstrates robust antitumor activity.
(+) IRSN inks $5.9 million in new contracts.
(+) TSRA lifts revenue view above Street estimate.
(+) FDS buying Market Metrics; sees no impact on earnings.
(+) JOSB beats with results
(+) AMGN gets FDA approval for Prolia.
(+) SNSS anticipate Phase 3 trial launch for leukemia treatment in Q3.
(+) MON inks royalty-bearing deal with Dow AgroSciences.
(+) JPM upgraded.
(+) GNA gets buyout offer.
(+) ARNA says FDA sets date for committee review of Lorcaserin.
(+) LAYN beats earnings estimates.
(+) JOYG upgraded.
(+) BP stabilizes somewhat; U.S. announces criminal probe.


(-) CSIQ continues evening decline seen after announcing a delay toits earnings release as its audit committee responds to an SEC subpoena;boosts shipments guidance.
(-) PSS continues evening decline that followed revenue disappointment.


Stocks recoup a portion of their recent multi-day declines with sharp gains Wednesday. The major averages are all up 2%-2.5% and close near the session highs. Wall Street got a morning boost from a better-than-expected reading on the housing sector. Oil closes just higher, at $72.86 a barrel.

Stocks traded higher almost all across the board as the broader market indices gained some ground lost through two prior down sessions. Energy, which investors hammered in the prior session, rebounded as well.

Stocks solidified gains after data from an industry trade group revealed that pending home sales rose 6% in April before the end of the new homebuyer tax credit in May.

Looming on the horizon are all-important jobs reports this week with the ADP private-sector report due Thursday and the U.S. Labor Departments monthly nonfarm payroll report due Friday.

BP (NYSE:BP) gained 3% after shares in company fell 15% in U.S. trading Tuesday and fell during European action Wednesday. The White House announced late Tuesday it has opened civil and criminal investigations of the Gulf of Mexico spill, which has yet to be contained. BP's stock drop shaved more than $20 billion of its market cap. Other companies involved in the Gulf oil spill are higher as investors bet yesterday's selling was overdone.

Amgen (NASDAQ:AMGN) gained after its osteoporosis drug Prolia was approved by the FDA. The drug, which is used to prevent fractures in post-menopausal women, won approval from European authorities last week.

American International Group (NYSE:AIG) led financial issues after Prudential (NYSE:PUK) said it is in negotiations with AIG to terminate its agreement to buy AIA Group Limited from AIG.

Walt Disney Co. (NYSE:DIS) gained amid comments from the company's CEO that its network, ABC, was seeing solid results in its television upfronts. There had been some speculation that Disney may be looking to sell ABC.