The Bulls could not have asked for a better rebound.
The Dow surpassed the “magical” 10,000 mark, closing at at 10007, up 2% or 204 points.
The NASDAQ gained 2.4% to close at 2104 and the S&P 500 closed up 1.9% at 106.
One of the biggest lossers of the day is the double-whammy that hit CVS Caremark (CVS). A 20% drop in its stock due to lost pharma contracts and an FTC antitrust probe are really weighing on the company. Rival Walgreens (WAG) closed up almost one per cent.
Financials took a break from a constant stream of losses and banks like Goldman Sachs (GS), JP Morgan (JPM), and Bank of New York Mellon (BK) all closed up over 2%. The telecom sector also got a big boost thanks to Cisco’s (CSCO) Q3 earnings report. Biotech companies like Amgen Inc. (AMGN), up 4.5%, were busy swimming in green.
Gold futures were up, flirting constantly with the 1100 mark throughout the day. Oil dropped below $80 a barrel, ending slightly up at 79.81.