Investors Gain Confidence As Banking Reform Bill Passes


Passage of the Senate banking reform bill provided a measure of certainty with investors gaining enough confidence to lift the markets to a higher close with the Dow soaring 125 points to 10,193. Nasdaq leaped 25 points to 2229.

On the upside

Eagle Rock Energy (Nasdaq: EROC) unitholders approved the Global Transaction Agreement allowing the company to close the sale of its Minerals Business for $174.5 million.

Shares of Zale (NYSE: ZLC) rose ahead of its earnings release next week.

Shares of Bank of America (NYSE: BAC), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) all rose after passage of the Senate banking reform bill provided certainty for investors to make informed decisions.

The Federal Trade Commission expects Apple's (Nasdaq: AAPL) mobile advertising network iAd to compete against Google (Nasdaq: GOOG) and therefore approved Google's acquisition of AdMob.

Moody's Investors Service lifted its outlook on Las Vegas Sands (NYSE: LVS) and affirmed its corporate rating on the casino operator.

On the downside

Micromet (Nasdaq: MITI) will provide updated results on several BiTE antibody development programs at two medical conferences in June.

In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks gained 9 points to 649.

About this Entry

This page contains a single entry by published on May 21, 2010 1:41 PM.

Goldman Sachs Settlement Rumors Lift Markets was the previous entry in this blog.

Mixed Open As European Debt Concerns Persist 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