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Market Recap: S&P Helps Turnaround; Stocks Finish Higher


Markets recovered nicely to ward off a potentially ugly day.

Traders appeared tired of being bearish. The Dow Industrials added +35.50 points, or +0.29% to 12,145, the S&P 500 gained +6 points, or +0.51% to 1,315, and the Nasdaq Composite finished +19 points, or +0.88% to 2.263.

Stocks opened to the downside, due in part to continued credit jitters from Carlyle Capital, a division of Carlyle Group. The bond fund said talks with its creditors had failed after the fund missed payments and that it expected its creditors to seize all of its assets. Sentiment in the financial sector didn't help with continued selling pressure on Bear Stearns (BSC). Read Minyanville Editor Andrew Jeffery's column Leverage Licks Carlyle.

Economic data also weighed on stocks. The Commerce Department said sales fell -0.6% led by declines in restaurants and auto dealers. Excluding autos, sales fell -0.2%. For more check out Prof. Depew's What Is It and Should I Care?

But news of Standard & Poor's saying it saw the end for writedowns for banks hit the tape and a reversal was underway. The S&P 500 managed to rally 35 handles off its lows with seven stocks rising for every three that fell on the New York Stock Exchange. In the financial sector gainers included Merrill Lynch (MER) +2.98% to $46.26; Lehman Brothers (LEH) +2.3% to $45.99 and Capital One (COF) +4% to $49.54. Although Bear Stearns (BSC) recovered off its lows, the stock still closed -7.5% to $57.00.

Housing stocks surged on the day. Gainers were led by Meritage Homes (MTH) and Beazer Homes (BZH). Both stocks gained +13%. Pulte Homes (PHM) added +7.4% to $12.67 and Hovnanian (HOV) finished +11% to $10.07. For more context, check out Professor Depew's Five Things You Need To Know.

In tech most of the high beta stocks finished higher. Apple (AAPL) gained +1.65% to $128.10; Google (GOOG) closed +0.41% to $441.51. and Research In Motion (RIMM) added +4.03% to $105.35. Baidu (BIDU) was a laggard closing -1.99% to $268.00. Read Toddo's Random Thoughts.

In commodities, crude oil gained +0.21 to 110.13. Gold touched $1000 before settling +16.30 to 996.80. Silver finished +0.529 to 20.440 and copper fell -1.15 to 384.00.

Read Professor Lewis' Minyan Mailbag: Gold Rush!

The dollar index fell -0.461 to 71.941. See Minyanville Editor Andrew Jeffery's column Glasses Clink, Minyans Think.

For more Buzz insight, check out Minyanville's Buzz Bits.

Below is a recap of some of the idea flow on today's Buzz & Banter. Please note that stocks may appear in both bullish and bearish categories, due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas: SPX, QQQQ, BIDU, AAPL, GOOG, MA, BSC, LNN, RIMM, X, AKS, STLD, NUE, YEN, XLF

Some bearish trade or investment ideas: IBB, AMGN, SLB

Almost Friday! Have a great night!

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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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