Today the market started on the upswing, renewing investor confidence after last week’s drubbing.
Hours later the major indexes were swinging back and forth like gauntlet. In the end, the Dow squeezed out a 76 point gain while the S&P500 and NASDAQ gained 7 points and 3 points, respectively.
Ford (F) was undoubtedly the star of the show, posting a nearly $1 billion profit which sent shares up more than 8% to 7.58. Oil was also on the rise, up 1.13 to 78.08.
Telecoms took a hit with most ending up with a loss. Healthcare remained relatively unaffectected. Apple, IBM, Microsoft, and Oracle all just about broke even. Financials didn’t fare well either, but Citigroup (C) took a major hit, dropping below the magical 4.00 mark to close at 3.99.
Today’s biggest losers include YRC Worldwide (YRC), down 60.82% to 1.43 and GTX Inc. (GTXI), which dropped 49% to 4.54. As for winners, Human Genome Sciences (HGSI) shot up 29% on news that its new lupus drug has had successful trials.