Traders-Blog.com

U. S. stocks ended higher today. It was great news for investors that recovered confidence in the market before the three-day Memorial Day holiday. The Dow increased 4.95 points, to close at 10,542.55. Also, the Nasdaq rose 4.49 points, to close at 2,075.73. Meanwhile, the S&P closed at 1,198.78, after rising 1.16 points.

Pfizer Inc. said in a conference with the Food and Drug administration that Viagra users have not experienced great incidence of a form of blindness called nonarteritic anterior ischemic optic neuropathy (NAION). After the news, the shares declined. On the New York Stock Exchange, Pfizer’s shares closed down 2 percent at $28.35.

Visteon Corp.’s shares jumped 31 cents, or 4.1 percent to close at $7.87 after Merrill Lynch upgraded the stock to buy from neutral, with a 12-month price target of $10. On the other hand, Delphi Corp’s stock, which was benefited from Visteon’s bull run, lost 19 cents, or 4.1 percent, to finish at $4.41 after Calyon Securities analyst Joseph Amaturo rated the stock to sell from neutral with a price target of $2.50.

Among components of the Dow, American International Group Inc. rose 1.2 percent to $56.40, this showed a 3 percent gain from the prior session. It looks like investors are very optimistic about the civil lawsuit with the giant insurer, as shares did not drop in value. According to Greenberg’s legal team, the insurer plans to “deny any fraudulent conduct, and vigorously defend the case”.

Crude oil rose for a fifth day due to gasoline’s demand, which reaches its peak from Memorial Day this weekend through Labor Day in early September. It climbed to 9.4 million barrels a day last week, reaching its highest peak this year. Crude oil for July delivery rose 84 cents, or 1.7 percent, to $51.85 a barrel on the New York Mercantile Exchange. This rise in price reflects the highest close for the contract since May 11 of this year.

All the best,
Manuel Jesus-Backus
The Portfolio Crafter
Guaranteed monthly gains of 8% or your money back.