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In Case You Missed Monday

The Dow below 12,000 -- was it just a dream?


Back to 12,000:
  • Stocks rallied for a third straight day, regaining the 12,000 level for the first time since March 11, before the Japanese earthquake that induced a treacherous tsunami and nuclear power plant damage. Energy stocks moved higher as oil prices rose on assumptions that fuel demand in Asia may not retreat as expected under a worst-case-scenario to the resolution at the nuclear plant. Investors also bid small-cap stocks proportionately higher in a full-on embrace of risk. Bond prices fell, with the 10-year Treasury note’s yield kicking higher to 3.32%. Gold was up big, silver up even bigger.
  • After the closing bell, shares of Bristol-Myers (NYSE:BMY) gained 4.8% after the company said that a Phase III study of its ipilimumab melanoma drug achieved its primary endpoint of improving overall survival. Canadian Pacific (NYSE:CP) shares fell 5.2% after the company said first-quarter earnings per share would be well below Wall Street estimates due to the impact of winter weather across the company’s entire rail supply chain. Hot Topic (NASDAQ:HOTT) rose 7.3% after the company announced Betsy McLaughlin resigned as CEO.
  • On Tuesday, Walgreen (NYSE:WAG) will release quarterly earnings in the a.m., while data on new home sales for February is part of the economic data flow. ConocoPhillips (NYSE:COP) will hold its annual investor meeting. 



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