Yesterday’s impressive drop into the close was matched by an impressive rally of the Dow Industrials, recouping about 79 points in the last two hours of trading to end down just 23 points at 10,043.75. The S&P closed up a fraction of a point at 1,074.
Leading gainers this afternoon were AK Steel (AKS), rising $1.54, almost 12%, to $15.06 on an upgrade to “Buy” by Citigroup; U.S. Airways Group (LCC), rising 77 cents, or 11%, to $7.81, after JP Morgan raised the shares to “Overweight” on falling fuel costs; and clothing retailer DSW (DSW), up $2.68, or 10%, at $29.94, after the company this morning announced it beat Q1 revenue estimates and blew away EPS projections, and reiterated a forecast for this year in line with estimates.
Leading the declines was AAR Corp. (AIR), an aviation supplier, following a disappointing fiscal Q4 forecast yesterday after market close. Hotel owner Diamond Rock Hospitality (DRH) fell 75 cents, or 8%, to $8.49, after announcing it would sell 20 million shares at $8.40, a dilution of 18%.
Financials rallied strongly in the back half of the day, with Goldman Sachs (GS) rising $5.87, or 4%, to $142.56, while Citigroup (C) was unchanged at $3.78, after trading as low as $3.56.
BP (BP) rallied back from a low of $40.61 to close up 70 cents, at $42.56, despite warning that its plan to inject heavy fluids into the burst well in the Gulf of Mexico, the so-called “top kill” approach, had only a 60% to 70% chance of working, and that the company’s engineers and scientists would be monitoring the procedure to make sure it did not backfire.
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