Another Positive Day For The Dow: Acadiana Business Index
- Stocks leapt after reports that Greek Prime Minister George Papandreou could submit his resignation, casting doubt on his plan for a vote on the country's bailout package.
- In addition, the European Central Bank cut its main refinancing rate. However, new European Central Bank President Mario Draghi predicted the euro zone is headed to a mild recession. Stocks dropped into the red after Draghi's comments, but climbed back.
- Economic data was largely ignored. The Labor Dept. reported seasonally adjusted claims for unemployment benefits. 397,000 Americans filled last week.
- In addition, data showed U.S. factory orders rose unexpectedly in September, while the U.S. nonmanufacturing sector saw little change in in October.
- Kraft Foods was the strongest blue-chip stock, advancing 3.3 after the food company's third-quarter earnings and revenue exceeded expectations.
- While Kellogg's lost 7.6% after reporting weaker-than-expected sales growth. The company also lowered its bottom-line guidance.
- Crude oil settled higher to $94.07 a barrel.
- And Gold closed at $1,765 an ounce.