New York – U.S. Stocks Climb

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    New York – U.S. stocks rose, helping the Standard & Poor’s 500 Index erase half of last week’s loss, as analysts recommended Bank of America Corp. and Lowe’s Cos. beat earnings projections. Oil climbed above $59 a barrel, while Treasuries fell.

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    Bank of America gained 11 percent after Citigroup Inc. said it may have sold $4 billion in shares and Goldman Sachs Group Inc. put the lender on its “conviction buy” list. Financial stocks led the advance after the cost of borrowing in dollars between banks dropped the most in two months as credit markets continued to thaw. Lowe’s, the home-improvement retailer, added 7.7 percent.

    “It’s a buying stampede,” said Jeffrey Saut, chief investment strategist at Raymond James & Associates in St. Petersburg, Florida, which manages $222 billion. “Earnings estimates have been managed down way below where they should be. We’ve seen the worst of GDP figures.”

    The Dow Jones Industrial Average added 235.00 points


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    5 Comments
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    help
    help
    14 years ago

    I can’t seem to get this straight- whatever I buy tumbles.. then I sell and it soars… any suggestions?

    Anonymous
    Anonymous
    14 years ago

    To Number One I Say There Has To Be Loser’s In Order For There To Be Winner’s

    Stock Maven
    Stock Maven
    14 years ago

    Buy on bad news and sell on the good.