US stocks extended gains into a 3rd session Wednesday, 9/14/11 after German Chancellor Merkel and French President Sarkozy reaffirmed their support for Greece, giving temporary relief to concerns about an impending euro-zone default.
The Dow ended up 140.88 points, or 1.3%, at 11,246.73. It had fallen as much as 112 points during see-sawing morning trade dominated by reports on Europe. The S&P’s 500 Index ended up 15.81 points, or 1.4%, at 1,188.68. A rally in industrial stocks led gains for all 10 S&P 500 industry sectors. The NASDAQ Composite Index advanced 40.40 points, or 1.6%, to 2,572.55.
Stocks found direction, sending the Dow up as much as 281 points, after Merkel, Sarkozy and Greek Prime Minister Papandreou talked by conference call Wednesday. The French and German leaders said they were confident Greecewill remain in the euro zone. The leaders also reaffirmed support for a late July plan that’s designed to prevent a Lehman financial panic.
The markets volatility is indicative of “extreme valuations on one side and extreme uncertainty on the other. At the end of last week, for instance, stocks were cheaper relative since anytime.The uncertainty stems nearly entirely from Europe!
Who is up … at the close and any … whys:
Aastrom (ASTM) +$0.05 <+2.07%>, BioTime (AMEX: BTX) +$0.35 <+7.45%>, Cytori (NASDAQ:CYTX) + $0.35 <13.78%>, ImmunoCellular (NYSEMKT:IMUC) –+$0.01 <+0.60%>, Geron (NASDAQ:GERN) –+$0.06 <+2.38%>, NeoStem (AMEX: NBS) + $0.001 <0.19%>, Neuralstem (AMEX: CUR) + $0.18 <13.95%>, Osiris (NASDAQ:OSIR) +$0.08 <+1.54%>, ReNeuron (LSE: RENE.L) + $0.01 <+0.33%> , Tengion (TNGN) +$0.02 <2.60%) …were all up …**
** Small volume