Benefiting from a weaker dollar, commodities including oil and gold bounced back from the previous day's sell-off, sending energy and material stocks higher.
The gains in stocks and commodities came as the Federal Reserve prepared for a two-day rate-setting meeting. Investors are hoping the Fed will provide a clearer picture of the economic recovery and some indication of when it may raise interest rates. The Fed is widely expected to keep rates at their record low of near zero for the time being.
The market appears to be following a well established pattern, where brief sell-offs are met with more buying as investors fear missing out on a continued rally. With stocks up more than 50 percent since bottoming in March, analysts have been forecasting a pullback, warning that uninterrupted gains are unsustainable. However any dips in recent weeks have been moderate and short-lived.
The consensus on Wall Street is that the economy is healing despite ongoing challenges like unemployment. But investors still have doubts over how strong the recovery will be, and whether the stock market's massive, nearly seven-month advance accurately reflects such a strong recovery.
The Dow Jones industrial average rose 32.12, or 0.3 percent, to 9,810.98. The Standard & Poor's 500 index gained 5.73, or 0.5 percent, to 1,070.39, while the Nasdaq composite index rose 7.44, or 0.4 percent, to 2,145.48.
Yesterday’s Top Performing Small Cap stock:
GWS Technologies, Inc. (OTC BB: GWSC) was a SmallCapVoice.com top performer yesterday closing up over 25% on trading volume 1,031,499 of shares.
GWS Technologies, Inc., an alternative energy company developing and marketing solar and wind-powered renewable energy products and solutions, recently announced that the Green Baron Report issued a new “Stock Alert” profile dated Wednesday, September 9, 2009 to its members and is also available on their website. The report focused on how new government incentives and enhanced tax credits for renewable energy have created an explosion in business opportunities to deliver green energy. GWS Technologies is at the forefront of this wave and is firmly position to benefit by developing and marketing solar and wind-powered renewable energy products and solutions.
Today’s SmallCapVoice.com Hot Stock to Watch:
Mantra Venture Group Ltd. (OTC BB: MVTG)
Mantra Venture Group Ltd. is pleased to announce the success from its Korean business development mission as ENTECH 2009 draws to a close. Over the course of the past several days, Mantra executives met with numerous business representatives and government officials, and several strategic relationships and financing opportunities have been identified.
Over the weekend, Mantra was personally invited by Director Sung from Gyung Buk Province to visit local power plants, tour facilities in Pohang city's state-of-the-art techno-park complex, and to discuss current trends and environmental challenges faced by industry today.
Upon completion of Mantra's visit to Gyung Buck Province, the executives traveled back to Seoul for further discussions with prominent industry leaders to formalize business relationships in the capacity of financing the technology development. Negotiations are currently underway, and Mantra will be releasing updates shortly.
Larry Kristof, President and CEO of Mantra, commented: "Overall, the trip was a huge success. While we expected a significant level of interest in the Electroreduction of Carbon Dioxide technology (ERC) over the course of the week, the enthusiasm it generated as ENTECH 2009's only carbon recycling technology greatly exceeded our expectations. The partnership opportunities currently under negotiation represent a huge step forward for the company, and we look forward to solidifying these relationships in the coming weeks."
Mantra's ERC technology also received significant media coverage during the trip. Mantra was featured in the Korean newspaper: Today Energy on September 16th, and beginning in October, it will be featured in a multi-series of articles in Monthly Environment 21 - Korea's longest running green tech magazine.
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