| Market Summary |
Stocks surged today in afternoon trades, ending the day in much higher notes than yesterday's tough session. The Dow posted gains of over 180 points, while NASDAQ gained by 38. Strong global markets, positive news from McDonald's (MCD: Charts, News, Offers) and General Motors (GM: Charts, News, Offers), and a recovery in recently faltering sectors all contributed to the advance. Even the lack of news regarding rate cuts from Bernanke's morning speech did not hamper today's performance, revealing that investors are taking the current volatility in stride. Investors are still hoping, however, for possible chances of a rate cut next week.
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| Market News |
General Motors (GM: Charts, News, Offers) is considering adding production capacity in Russia as its sales there begin to rival its biggest European markets, including Germany.
Rick Wagoner, GM chief executive, told the Financial Times the group was at the “preliminary stages” of studying ways of adding new capacity in one of the world’s fastest-growing car markets. (Source: Financial Times) Full Story
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When Apple (AAPL: Charts, News, Offers) releases new versions of its market-dominating iPod, it usually leaves competing device makers choking on its exhaust fumes.
But not everyone has been crushed by the iPod juggernaut.
SanDisk (SNDK: Charts, News, Offers), the Milpitas, Calif., maker of flash memory and USB drives, has managed to accomplish what technology giants like Sony (SNE: Charts, News, Offers), Samsung and Microsoft (MSFT: Charts, News, Offers) failed to do: snare a sizable chunk of the U.S. market for portable digital media players. (Source: Forbes) Full Story
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The cancer drug Erbitux unexpectedly extended survival in a trial of patients with advanced lung cancer, sending shares of its maker, ImClone Systems Inc. (IMCL: Charts, News, Offers), soaring more than 24 percent.
Data from the trial, which was conducted by ImClone's European partner Merck KGaA and released on Tuesday, showed that Erbitux, in combination with chemotherapy, lengthened survival in patients with advanced non-small cell lung cancer, the most common kind, compared to chemotherapy alone. (Source: Reuters) Full Story
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| Market Analysis |
Oil prices rose to a new record settlement price Tuesday as traders turned their attention to Wednesday's government inventory report expected to show tight supplies and shrugged off OPEC's decision to boost output. Light, sweet crude for October delivery rose 74 cents to settle at $78.23 a barrel on the New York Mercantile Exchange after alternating between gains and losses. The settlement price beat the previous record, set July 31, by 2 cents. (Source: CNNMoney) Full Story
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Fed officials are talking a lot but saying little as investors wager on the outcome of next Tuesday's rate-policy meeting. Four Fed officials have now spoken publicly since Friday's unexpectedly weak jobs report sent stocks tumbling. While none of the central bankers have made particularly pointed comments about the health of the economy, neither did they dissuade anyone from the notion that the Fed will indeed cut rates. (Source: TheStreet) Full Story
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So much for the bear market in municipal bonds. Back in August, a lot of investors were scratching their heads over just how much the net asset value of their municipal- bond funds had fallen -- more than 1 percent in some cases. What's going on, they asked. (Source: Bloomberg) Full Story
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