Fed Cuts Rates, NADSAQ Closes at Multi Year Highs
The Federal Reserver cut interest rates today by an expected quarter point. The market first sold off immediately after the announcement came at 2:15 PM but soon thereafter started to rally upwards. The major indices finished the day near their intra-day highs and signal higher prices to come this week.
The NASDAQ Composite closed today at 2,859.12, up 1.51% which is a six year high not seen since January 2001. The S & P 500 closed at 1,549.38, up 1.20% and the Dow Jones Industrials finished the day at 13,930, up 1.00% even.
Some big winners today included Chipotle Mexican Grill (CMG) which blew out its earnings and closed today at record highs; the stock finished up over 4%. Sirf Technologies (SIRF) had an even bigger day today closing up nearly 28% on a wild earnings report. Lastly Invitrogen Corp (IVGN) beat earnings and closed up $7.80 to $90.87 posting a gain of over 9% on the day.
On the flip side Garmin (GRMN) earnings didn’t impress and the stock sold off heavily ending the day down 10.86%. The stock closed just below its 50 day moving average and posted extremely high volume trading just under 23 million shares on the day. Also the popular shoe manufacturer Crocs (CROX) closed today at record highs but after hours is down over 21% as earnings didn’t come as strong as expected.
Are higher prices coming tomorrow? We will see what the day has in store, but for now I leave you with a simple, “Trick or Treat!” Now to pass out some candy and indulge in chocolate for the rest of the night…
CROX taking a beating