Stocks Edge Higher Ahead of Bernanke Speech
Investors awaited a speech by Federal Reserve Chairman Bernanke hoping for signs that recent stimulus initiatives were working. The Dow rose 14 points to 7415 while Nasdaq added 4 points to 1487.
Autonation (NYSE: AN) rolled out a payment protection program for carbuyers that lose their jobs, but investors worried about the cost of the program.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 416.
On the upside
HIgher oil prices lifted shares of oil companies like Exxon Mobil (NYSE: XOM).
A UBS analyst initiated coverage of Ford Motor (NYSE: F) with a buy recommendation while rival General Motors (NYSE: GM) received a sell rating. Shares of both stocks rose.
E-Trade Financial Group (Nasdaq: ETFC) showed signs of stability as delinquencies in its portfolio of consumer loans declined.
On the downside
Xerox (NYSE: XRX) surprised investors and analysts by dramatically lowering the company's outlook due to a slowdown in technology spending.
The financial services sector pulled back as investors worried that the AIG (NYSE: AIG) bonus controversy may forestall badly-needed payments of bailout funds. Shares of Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) sagged.Autonation (NYSE: AN) rolled out a payment protection program for carbuyers that lose their jobs, but investors worried about the cost of the program.
In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks added 3 points to 416.
