Traders-Blog.com

After an economic report showed that U.S. sales of previously owned homes unexpectedly rose, benchmark indexes reached their highs of the days. The Dow increased 84.76 points, to close at 10,242.47. Besides, both the Nasdaq and the S&P posted gains. The Nasdaq closed at 1,950.78, after rising 18.59 points, meanwhile, the S&P closed at 1,162.10, after rising 9.98 points.

U.S. stocks rose thanks to the agreement of Valero Energy Corp. to buy Premcor Inc., in order to create the nation’s largest U.S refiner lifter energy shares. Besides, Boeing Co. won a $6.1 billion jet order, and rallied to its highest in almost 4 years. After analysts’ upgrades, Apple Computer, Starbucks Corp., and Ciena Corp. posted gains.

May gasoline settled at $1.6507, down 0.16 cent. Last week, the Energy Department and the American Petroleum Institute reported unexpected declines in U.S crude oil and gasoline supplies. Oil and gas stocks rallied today, after Valero Energy’s announced $8 billion purchase of refiner Premcor Inc. The Amex Oil index rose 1.4 percent to close at 849.10 points.

A settlement of $715 million was agreed by federal authorities, and Adelphia. Therefore, the company’s founding family led by John Rigas will forfeit 95 percent of their assets to help set up a compensation fund for defrauded investors. According to Attorney General Alberto Gonzales, “it was a day of justice for corrupt corporate executives.”

All the best,
Manuel Jesus-Backus
The Portfolio Crafter