Just one day after rumblings that the Fed is planning an eventual exit from QE, the market’s mood shifted on individual earnings reports and a nudge from David Tepper, the founder of hedge fund Appaloosa Management who told CNBC investors shouldn’t be overly concerned about the news.
Momentum shifted back to the upside, and stocks rallied to push the Dow Jones Industrial Average and S&P 500 to still loftier all-time highs.
The S&P 500 led the way, gaining 1.01% to set a new mark at 1650.34, while the Dow rose 0.82% to close at 15215.25. The Nasdaq gained 0.69% to finish at 3462.61.
Bank stocks helped move the ball forward, with Bank of America (while Goldman Sachs (
Sony (NYSE:SNE) stock rose over 9% after Third Point hedge fund manager Dan Loeb, who has a 6% stake in the company, announced he was pushing for a spinoff of Sony’s entertainment and life insurance division.
Among the few notables who did not enjoy a profitable day was SolarCity ( — chaired by Tesla Motors ( Elon Musk — which sank more than 12% after reporting a wider-than-expected loss and providing weak forward guidance. For the record, TSLA’s big winning streak came to an end as the stock pulled back just more than 5%.
- Sodastream (NASDAQ:SODA): Up 11.9% ($6.79) to $64.08.
- RadioShack (NYSE:RSH): Up 9.8% (37 cents) to $4.16.
- Groupon (NASDAQ:GRPN): Up 8.3% (53 cents) to $6.89.
- Portugal Telecom (NYSE:PT): Down 10% (52 cents) to $4.70.
- Yingli Green Energy (NYSE:YGE): Down 6.4% (16 cents) to $2.36.
- Nokia (NYSE:NOK): Down 5.2% (20 cents) to $3.64.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.