Filed under: After the bell, Earnings reports, Deals, General Motors (GM), Exxon Mobil (XOM), Citigroup Inc. (C), IAC/InterActiveCorp (IACI), Economic data, Garmin Ltd (GRMN), Federal Reserve

If you thought the news going to be the actual FOMC cut was the key today, it wasn’t. The bias and tone for more rate cuts was the most important, and the tone was not hawkish enough. Traders wanted to see a signal of the end of rate cuts, at least for now, so that oil and gold would tank and that the dollar would recover.

GDP came out and showed a +0.6% gain, meaning the official recession isn’t technically here yet. Warren Buffett said it is, and he might be good enough of a judge over anyone. Regardless, this is the first positive month for the S&P after it just missed a positive month in March.

Below are the unofficial closing levels for key US index levels:

• DJIA 12,818.58 (-13.36; -0.10%)
• S&P500 1,385.47 (-5.47; -0.39%)
• NASDAQ 2,412.80 (-13.30; -0.55%)
• 10YR-BOND 3.7590% (-0.066%)
• 52-WEEK LOWS.

Buffalo Wild Wings (NASDAQ: BWLD) was upgraded by KeyBanc Capital Markets to Buy and by Cowen & Co. to Outperform. Yesterday, Buffalo Wild Wings reported strong quarter results with a 22% revenue boost and earnings meeting street expectations. Shares were up 18% to $30.74 in the final minutes of the day.

Continue reading Closing Bell: Despite FOMC sell-off, April finally showers money

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This entry was posted on Thursday, May 1st, 2008 at 5:13 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.