Dow closes up 46 points, positive outlook after Monday’s 80-point drop
September 29th, 2010 - 3:55 am ICT by BNO NewsNEW YORK CITY (BNO NEWS) – The U.S. stock market rallied on Tuesday close to its close after an unstable mid-day as Wall Street locked into a comfort zone with corporate deals and earnings, which comes as an upbeat change to yesterday’s closing in the red.
The pharmaceutical industry saw positive changes, with MarketWatch reporting that that drug developer Endo Pharmaceuticals Holdings Inc. would be acquiring Qualitest Pharmaceuticals in order to broaden its position in the generic-drug market. The company jumped up 8.1 percent, closing at 2.4 points higher than Monday’s close. Additionally, the Dow Jones Industrial Average erased its 80 point fall and gained 46 points by the time the market bell closed trading for the day.
Major stock indexes fell sharply after weak consumer confidence numbers, but were back to their starting number during the day in less than two hours. Market strategist Elliot Spar at Stifel, Nicolaus, & Co. said that the Plunge Protection Team, dip buyers, and others stepped up to make sure that the market didn’t end in the red today, and saved any potential damage that could’ve hit the market.
However, some are saying that the consumer confidence numbers are low simply because the recent stock market rallies haven’t been consistent with media reports, especially in August, when all that was being reported was negative economic outlooks and the risk of a double-dip recession.
In less positive news, Research In Motion (RIM)’s shares fell after the BlackBerry PlayBook only received a mixed response from tech analysts. However, as a whole, the New York Stock Exchange saw three rising stocks for every two falling.
- PlayBook recall pushes BlackBerry stock to a new low - May 17, 2011
- BlackBerry stock slips after PlayBook unveiling - Sep 29, 2010
- Sensex off day's highs, holding in green - Mar 20, 2012
- BlackBerry maker downgraded as Apple set to unveil iPad2 - Dec 08, 2010
- Wall Street takes breather after Fed-fuelled rally (Lead) - Mar 28, 2012
- Sensex closes in red; oil and gas, realty stocks slump - Jan 05, 2012
- US recession fears trigger panic selling at Indian bourses (Roundup) - Aug 05, 2011
- Sensex closes in red for fifth straight day, dips 204 points - Dec 20, 2011
- BlackBerry stock jumps 5.4 percent as investors return - Dec 01, 2010
- Sensex off morning highs in volatile trade - Jun 01, 2011
- BlackBerry downgraded on soft Torch sales - May 10, 2011
- BlackBerry stock slips as tablet gets lukewarm response - Apr 20, 2011
- Sensex closes 44 points down (Lead) - Apr 11, 2012
- BlackBerry downgraded as stock tanks 14.4 percent - Apr 30, 2011
- PlayBook for those who want to work and play - Apr 18, 2011
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