Despite a drop in new home sales, the markets surged to close sharply higher with the Dow rocketing 322
points to 11,176 as investors snapped up bargains. Nasdaq leaped 100
On the upside
TD Newcrest upgraded Ivanhoe Mines (NYSE: IVN) from Hold to Speculative Buy.
Fossil (Nasdaq: FOSL) chief financial officer Mike Kovar purchased 2,000 shares of company stock.
NPD Group reported that Apple's (Nasdaq: AAPL) iPhone 4 was the best
selling smartphone in the second quarter with Apple's older iPhone 3GS
coming in second.
ExxonMobil (NYSE: XOM) will drill a bypass to its Silvertip in Montana
pipeline early next week once all permits have been approved.
Shares of MEMC Electronic Materials (NYSE: WFR) climbed after Goldman Sachs said that the solar industry was close to hitting bottom.
On the downside
(Nasdaq: USAK) warned of losses for the third quarter.
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 1 on
Russell 2000 which tracks small cap stocks surged 31 points to 683.