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Stocks Rally On Bargains as Michael Kors Holdings (KORS) Soars On Another Huge Earnings Beat

Stocks rallied modestly in Tuesday’s trading session as investors rushed in to snap up some of the discounts that were left in the wake of Monday’s carnage.   The Final
Michael Teague is a staff writer for Equities.com. His previous experience includes three years as the associate editor of Los Angeles-based Al Jadid Magazine, a bi-annual review of the arts & culture of the Middle East, where he contributed many articles on the region in the form of features and book & film reviews. His educational background includes a BA in French literature from the University of California, Irvine, where he developed a startling proclivity for anything having to do with the 19th century.
Michael Teague is a staff writer for Equities.com. His previous experience includes three years as the associate editor of Los Angeles-based Al Jadid Magazine, a bi-annual review of the arts & culture of the Middle East, where he contributed many articles on the region in the form of features and book & film reviews. His educational background includes a BA in French literature from the University of California, Irvine, where he developed a startling proclivity for anything having to do with the 19th century.

Stocks rallied modestly in Tuesday’s trading session as investors rushed in to snap up some of the discounts that were left in the wake of Monday’s carnage.

 

The Final Tally:

  • Standard & Poor’s 500: +0.85 percent to 1,756.69

  • Dow Jones Industrial Average: +0.55 percent to 15,458.05

  • Nasdaq: +0.92 percent to 4,033.79

 

Our Top Stories:

On the S&P 500:

Tech stocks rose on heavy volume, with Cisco Systems (CSCO) , Facebook (FB) , AT&T (T) and Yahoo! (YHOO) all up about 2 percent. Financials and services were also higher by the closing bell, with Michael Kors Holdings (KORS) up over 17 percent after releasing another spectacular earnings report, and JPMorgan Chase (JPM) and Citigroup (C) also trading higher.

On the Dow:

The day’s rally was least beneficial to the Dow, with industrial giants Boeing (B) and United Technologies ($UTX) down about one percent each. On the top end, however, pharmaceutical companies were the name of the game, with Merck & Co. (MRK) and Pfizer Inc. ($PFZ) both up 2.75 percent.

On the Nasdaq:

Plug Power Inc (PLUG) was one of the day’s best performing tech stocks, with a gain of 15 percent, but the company was still behind semiconductor manufacturer ATMI Inc., whose shares saw a 25 percent increase. Meanwhile, Zynga Inc. (ZNGA) extended it’s rally, adding another two percent, while BlackBerry (BBRY) was up by almost six percent.