Stocks enjoyed a healthy run-up Tuesday as investors received good news from McDonald's and GM. The Dow Jones Industrial Average was up 180.54 points (+1.38%), the S&P 500 increased 19.79 points (+1.36%), and the Nasdaq Composite Index outperformed gaining 38.36 points (+1.50%). Volume on the NYSE was slightly greater than Monday, coming in at 1.16 billion shares as advancers beat decliners 2:1.
Investors spent the morning waiting to see if Bernanke would say anything that would hint the Fed's next move. He, however, did not say anything about interest rates, and instead talked about how countries around the world need to work with each other in order to reach economic stability. Investors did receive some positive news from the U.S. Commerce Department, who reported the trade deficit decreased slightly between June and July. The 10-year lost 11/32, as money poured into the stock market. The rate is now 4.36%.
All sectors finished in positive territory with Energies (+1.71%), Tech (+1.44%), and Materials (+1.30%) leading the way. ImClone surged up 18.4% on news that its cancer drug was effective on lung cancer. McDonald's rose 4% after reporting 8.1% increase in same-store sales. Western Digital was up 4.4% from an increase in guidance. Finally, GM led the Dow up 4.6%, after announcing plans to offer environmentally friendly vehicles which will need less gas.
Tomorrow, oil inventories will be released at 10:30 AM. OPEC agreed to increase the daily output by effectively 500,000 barrel/day today; crude oil finished 74 cents higher to $78.23.
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.