US Stocks charged North Monday snapping a 4 day losing streak
Re-cap of the US Stock Market Action for the Day ending October 5, 2009
The financial lead the Charge coming in #1 on the S&P 500 index on the day.
Goldie upgraded Wells Fargo to “buy,” and its shares rose to US$28.09. The KBW Banks index .BKX advanced 3.2%, and the S&P Financial index .GSPF added 3.3%.
Savvy market observers said investors are looking for strong Q-3 earnings reports that begin this Wednesday with the release of Alcoa, Inc’s Q-3 report. Shares of Alcoa rose 4.7% to US$13.42.
In the Q-2 reporting period, more than 70% of Standard & Poor’s 500 companies beat expectations lighting up a sharp rally in stocks.
The DJIA was up 112.08 pts, or 1.18%, to close at 9,599.75, the S&P 500 closed up 15.25 pts, or 1.49%, at 1,040.46, and the NAS tallied a + 20.04 pts, or 0.98%, to close the session at 2,068.15.
JPMorgan Chase & Co. closed + 4.6% at US$43.80; it was the top gainer on the DJIA (see Stock Talk below)
Volume and Breadth: trade was below average on the NYSE, with 1.12B/shrs changing hands, below last year’s estimated daily average of 1.49B/shrs, and on the NAS, about 2.19b/shrs traded, also below last year’s daily average of 2.28B/shrs.
Advancers outnumbered decliners on the NYSE by a ratio of 5 to 1, and advancing stocks beat decliners on the NAS by about 19 to 7.
Stocks to Watch Today
Click below to read the full report: