Russell rises 3.8% at closing; VPRT, FITB and EGLE lead gainers
Small caps soared in the green today, representing an impressive upside breakout through the recent trading range, which was defined loosely by the inauguration day collapse Jan. 20. Some of today’s small-cap gainers were VistaPrint (Nasdaq:VPRT), Fifth Third Bancorp (Nasdaq:FITB) and Eagle Bulk Shipping (Nasdaq:EGLE).
Other Market Watch highlights today included:
• The weekly MBA Mortgage Application Index tumbled 38.8% to 732.1% and is now at the lowest point since the week ended Nov. 21.
• Diversified banks, life health insurers, financial services firms, regional banks and asset management firms were top performers today.
• For 2009, the Russell is off 5.3%, while the Dow is down 4.5% and the S&P 500 is down 3.2%.
• Yields on benchmark 10-year notes went from about flat right after the FOMC statement to rising more than 5% by the stock market close.
• Banks were clearly the star of the stock market show today, with the KBW Banking Index soaring 14%
• Crude oil futures in the U.S. edged higher on the close, gaining 1.4%, or $0.58 a barrel, to $42.16.
Small Cap Gainers:
• VistaPrint Q2 earnings jump 66%; updates FY09 outlook; shares rise 34%. See (Nasdaq:VPRT).
• Fifth Third Bancorp soared 36% on “bad bank” plan. See (Nasdaq:FITB).
• Eagle Bulk Shipping Inc. jumped nearly 20% with bulk shippers in general having a good day. See (Nasdaq:EGLE).
Small Cap Losers:
• Allied Capital re-opens amendment discussions; shares plummeted 47%. See (NYSE:ALD).
• Century Aluminum Co. tumbled 37% as the firm announced plans for a common stock offering. See (Nasdaq:CENX).
• Royal Caribbean Cruises Ltd. fell almost 13% amid worries ahead of earnings news, with a conference for analysts slated Thursday morning. See (NYSE:RCL).
