After another mournful Monday on the Dow and NASDAQ both were up at day's end Tuesday. The DJIA gained 236.16 or 3.32%; the NASDAQ was up 54.11 or 3.9%. All but one company, Entech Solar, in this blog's 20 select solar stocks index was down if only by a cent. Overall increase was 12.35%.
Top gainers were Evergreen Solar (ESLR) at 21.01% up; Renesola (SOL), 18.86 up; and SolarFun at 15.4% up. In a conversation with a major panel manufacturer this morning, some large orders are coming in for spring delivery. After the bloodbath of the past two weeks, maybe traders simply saw pricing as too good to pass up.
Overall, tech stocks did well after the pounding sell-off yesterday. Banking stocks also rallied--if only for the day--on comments made by Federal Reserve Chairman Bernanke.
"I don't see any reason to destroy the franchise value or to create the huge legal uncertainties of trying to formally nationalize a bank when that just isn't necessary," Bernanke stated before the Senate Banking Committee.
Two major banks most eyed for possible nationalization were both up. Bank of America climbed 82 cents a share to $4.73, 21% up. Citigroup closed 46 cents up to $2.60, 22% up.
More good news came from Home Depot which had higher-than-expected fourth-quarter earnings which likely raised investor's hopes on consumer spending. Home Depot went up $1.96 a share today, a 10% boost.
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