Investors are shrugging off a disappointing jobs report on the news that the Fed will keep interest rates low for the foreseeable future. New York Fed President, William Dudley, told an audience that he thinks the US economy is not yet strong enough to make a serious dent in the jobless rate.
The comes a day after another Fed official speech in which it was said that the US would fall short of meeting its maximum employment objectives. This will almost certainly get the QE rumor mill spooled back up and into overdrive.
Investors are also gearing up for Google’s earnings report after the close today.
Currently the Dow is up 142, the Nasdaq 36 and the S&P 14.
Hot Stocks
FreeSeas Inc. (NASDAQ:FREE) is up 56.30% this morning at $1.80. FREE has traded 1.1 million shares so far today, 10 times its average volume. FREE shares are up 80% over this week. No recent news is driving this rally as volume started pouring into the stock on Tuesday. The company has a market cap of 10.18 million.
Sino-Global Shipping America, Ltd. (NASDAQ:SINO) is up 22.86% today at $4.8899. SINO has traded 1.8 million shares so far today, way above its daily average of 52 thousand shares. SINO shares have jumped $2 a share in the past two days as volume exploded. No recent news for SINO either today. The company has a market cap of 14.05 million.
Fusion-io, Inc. (NYSE:FIO) is up 10.53% in early trading at $27.26. FIO has traded 2.5 million shares so far today and trades 3.1 million shares a day on average. Fusion-io announced today it is bring its ioMemory technology to visual effects professionals with Fusion ioFX. The company has a market cap of 2.47 billion.
Cytec Industries Inc. (NYSE:CYT) is up 10.18% today at $63.34. CYT has traded 928 thousand shares so far today and tardes 637 thousand shares a day on average. CYT shares are up over $6 a share in the past few days. Cytec Industries has offered to buy Umeco for $439 million.
Rowan Companies Inc. (NYSE:RDC) is up 8.58% this morning at $33.66. RDC has traded 2.9 million shares so far today, 500 thousand shares more than its daily average. Rowan’s board of directors approved a plan to move its corporate headquarters to the U.K. The company has a market cap of 4.15 billion.
Alpha Natural Resources, Inc. (NYSE:ANR) is up 8% in early trading today at $15.81. ANR has traded 7.8 million shares so far today and trades 12.1 million shares a day on average. ANR shares have jumped close to $2 a share this week. The company has a market cap of 3.42 billion.
AK Steel Holding Corporation (NYSE:AKS) is up 6% today at $7.59. AKS has traded 3.2 million shares so far today and trades 8.3 million shares a day on average. AKS shares are up $0.60 in the past two days. The company has a market cap of 838.52 million.
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