Stocks Open Higher on Strong Industrial Production Growth

September 16, 2009 6:40 AM |
A better than expected industrial production report lifted stocks on further signs of a sustainable economic recovery.  The Dow rose 33 points to 9716 while Nasdaq added 7 points to 2110.

On the upside 

Shares of Omniture (Nasdaq: OMTR) soared after Adobe (Nasdaq: ADBE), the maker of website design tools, offered $1.8 billion for the business software maker.

Gold prices hit an 18-month high lifting commodity stocks.  Shares of Freeport-McMoRan Copper and Gold (NYSE: FCX) and Hecla Mining (NYSE: HL) rose.

Oil prices held steady at $71 a barrel.  Shares of Anadarko Petroleum (NYSE: APC) were among the morning's biggest gainers.

On the downside

Shares of Oracle (Nasdaq: ORCL) fell bucking the rally among business software stocks.  Analysts expect modest earnings growth.

AGCO (NYSE: AGCO) lowered its outlook for the remainder of the year due to lower sales of its agricultural equipment.

An analyst downgraded IDEX (NYSE: IEX) due to valuation.  The company makes industrial equipment.

In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by a margin of 5 to 3 on Nasdaq. The Russell 2000 which tracks small cap stocks added 2 points to 607.

Tags:

Search


About this Entry

This page contains a single entry by published on September 16, 2009 6:40 AM.

Upbeat Retail Sales Lift Markets To Higher Close was the previous entry in this blog.

Rising Industrial Production Lifts Markets is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.

Powered by Movable Type 5.12