With the bond markets closed, all the attention today was on commodities and equities.
Crude oil ended up 0.3% at $79.28 a barrel and gold futures hit a new record of $1119 an ounce today, nearly breaking the $1120 mark before dropping down to $1115. The three major indexes all ended higher. The Dow, which has been up every single day this month, ended at 10,293, up 47 points, the NASDAQ at 2166, up 16 points, and the S&P 500 clocked in at 1098, up 6 points.Energy and utilities took a lot of losses today, with Time Warner Cable (TWC) down 2.6% to $41.63. Hess Corp. (HES) dropped 1.7% to $57.45 while AES (AES) dropped to $13.61 to close down 1.5%. Plenty of gainers today, though, especially in finance. Take your pick of Bank of America (BAC) which closed up 2.7% at $16.43, Goldman Sachs (GS), up 2.3% at 180.50, or MBIA Inc. (MBI), which after huge losses the other day, surged back with 9% gains to finish the day at $3.81.Emerson Radio (MSN) also had a great day, gaining 41% to close at $2.02 thanks to improved quarterly earnings.
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Don't be angry that the Bear Stearns hedge funders got acquitted. It's a great signal for our criminal justice system.
Guess what: The retail day trader is back!
Dear Lloyd Blankfein: the point of banking isn't to make a few people insanely rich.
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