Sponsored Links 
Stock Market News for Dec 28, 2010
Print
Share
The markets closed almost flat yesterday, a light volume trade day primarily due to a snowstorm that kept most traders away from the Street. Investors also paid little importance to China’s central bank increasing the interest rate.
The Dow Jones Industrial Average ended the day down 0.16% to 11,555.03. The S&P 500 gained 0.06% to close at 1,257.54. The Nasdaq rose 0.06% to 2,667.27. The CBOE Volatility Index (VIX) jumped 7.3% to 17.67. On the New York Stock Exchange, volumes were on the lighter side after a massive blizzard hit the Northeast disrupting commutes for traders in the New York’s financial industry. Volumes were also expectedly dry due to the week squeezed in between the Christmas and New Year’s holidays.
Investors remained largely unmoved by the news of the China’s central bank hiking its interest rates. The decision was made primarily to slow the inflation rate and it was the second hike in approximately three months. This move by the People’s Bank of China will raise the lending rate to 5.81% and the deposit rate to 2.75%. In November the inflation rate had surged to its highest level in two years.
On a sectoral basis, financial stocks moved up. Shares of American International Group (NYSE:AIG - Analyst Report) surged 9.3% to close at $59.38 after the insurer entered into three credit facilities for a total of $4.3 billion intended to permit the company to create loans. Bank of America (NYSE:BAC - Analyst Report) closed the day at $13.27, up 1.6% and Citigroup (NYSE:C - Analyst Report) jumped 2% to close at $4.77. JP Morgan (NYSE:JPM - Analyst Report) also rose 1.4% to $42.67.
On to individual stocks, H&R Block (NYSE:HRB - Analyst Report) slipped 7% after the company revealed late Friday that HSBC Holdings (NYSE:HBC - Analyst Report) has ended its contract for the controversial refund anticipation loans. Cal-Maine Foods (NASDAQ:CALM - Snapshot Report) lost 3.6% after the fiscal second quarter earnings of the largest producer and distributor of fresh shell eggs missed the analysts’ estimates. NGAS Resources (NASDAQ:NGAS), a horizontal drilling company, soared 40% after it agreed to be acquired by Magnum Hunter Resources (AMEX:MHR - Snapshot Report) in an all stock deal of about $43 million.
Read the full analyst report on AIG
Read the full analyst report on JPM
Read the full analyst report on BAC
Read the full analyst report on C
Read the full analyst report on HRB
Read the full analyst report on HBC
Read the full analyst report on CALM
Read the full analyst report on NGAS
Read the full analyst report on MHR
Loading Stories...
-74.92