Dow Rises 200, Moves Back Above 10,000
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Stocks started the day stronger and haven't looked back, helped by a rebound in energy names which have been under heavy pressure recently related to the giant Gulf oil spill.
The Dow is up 196 points and has crossed the psychologically important 10,000 level, last trading at 10,095. The Nasdaq rose 35 points and the S&P 500 rose 20 points.
After falling 16% yesterday and over 50% since the spill started, BP (NYSE: BP) is up 9% today to $32. Yesterday's intense pressure in the stock was related to fears of a dividend cut or an ultimate bankruptcy.
In addition to the BP rebound, Anadarko Petroleum (NYSE: APC) is up 9%, Transocean Ltd. (NYSE: RIG) is up 5%, Halliburton (NYSE: HAL) is up 5%. Baker Hughes (NYSE: BHI) is up 8%, Weatherford (NYSE: WFT) is up 4% and Schlumberger N.V. (NYSE: SLB) is up 4%.
The beaten-up Euro is also seeing a bid today, last trading up 1% to 1.2105.
Goldman Sachs (NYSE: GS) is bucking the uptrend today on report that there is a second SEC probe related to its Hudson Mezzanine CDO sold in 2006. The probe into the CDO may not lead to any additional charges versus Goldman. Shares are down 2%.
On the economic front, jobless claims showed now signs of slowing. The Labor Department said Thursday that new jobless claims dropped by 3,000 to 456,000 from the previous week's revised figure of 459,000, missing the economist estimate of 450,000. The four-week moving average was 463,000, and increased from the previous revised rate of 460,500.
The Dow is up 196 points and has crossed the psychologically important 10,000 level, last trading at 10,095. The Nasdaq rose 35 points and the S&P 500 rose 20 points.
After falling 16% yesterday and over 50% since the spill started, BP (NYSE: BP) is up 9% today to $32. Yesterday's intense pressure in the stock was related to fears of a dividend cut or an ultimate bankruptcy.
In addition to the BP rebound, Anadarko Petroleum (NYSE: APC) is up 9%, Transocean Ltd. (NYSE: RIG) is up 5%, Halliburton (NYSE: HAL) is up 5%. Baker Hughes (NYSE: BHI) is up 8%, Weatherford (NYSE: WFT) is up 4% and Schlumberger N.V. (NYSE: SLB) is up 4%.
The beaten-up Euro is also seeing a bid today, last trading up 1% to 1.2105.
Goldman Sachs (NYSE: GS) is bucking the uptrend today on report that there is a second SEC probe related to its Hudson Mezzanine CDO sold in 2006. The probe into the CDO may not lead to any additional charges versus Goldman. Shares are down 2%.
On the economic front, jobless claims showed now signs of slowing. The Labor Department said Thursday that new jobless claims dropped by 3,000 to 456,000 from the previous week's revised figure of 459,000, missing the economist estimate of 450,000. The four-week moving average was 463,000, and increased from the previous revised rate of 460,500.
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