Stock Market Recap

Stocks Skyrocket, Oil Dips, Lehman Cut

A surprise increase in GDP on the back of increased exports combined with falling oil prices triggered stock to skyrocket across the board today.  The DJIA soared +212.67 to 11715.18, the Nasdaq jumped up +29.18 to 2411.64 and the broad based economic barometer S&P 500 marched +19.02 higher to 1300.68.

Lehman Brothers (LEH | Quote | Chart | News | PowerRating) - The next in line to fall, per the short sellers, continued its cost cutting ways by considering eliminating another 1000 jobs from the payroll.  This news resulted in the stock climbing 6.63% or $0.98 to $15.76/share.

Tiffany and Co (TIF | Quote | Chart | News | PowerRating) shined today, advancing 11.23% or $4.46 to $44.07/share as the world’s second largest luxury jewelry retailer’s profit beat analysts estimates.

Amylin Pharma. (AMLN | Quote | Chart | News | PowerRating) climbed 6.93% or $1.42 to $21.90/share on a Merrill Lynch upgrade despite falling 23% this week due to deaths attributed to one of its products.

MBIA (MBI | Quote | Chart | News | PowerRating) led the S&P 500 higher today, advancing an astounding 34.81% or $4.17 to $16.51/share on news that it will reinsure $184 billion in municipal bonds despite losing its AAA rating.

Oil had a volatile day due to a potential storm falling $2.50 to $115.65/barrel, Gold added $5.00 to $839.00/barrel and the VIX market fear gauge only fell 1.67% to 19.43 indicating that many do not trust this rally.

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