Wall Street extended its rally into a second day Wednesday as financial stocks padded their own big gains.
If investors keep buying, they'll give the stock market its first back-to-back advance since Feb. 5-6. But analysts were again cautioning that the market remains deeply troubled by the ongoing problems in the banking industry and the impact of the recession on companies in all industries.
The catalyst for Tuesday's rally was word that Citigroup has been operating at a profit so far this year. News of the improved performance was a welcome reprieve from the flood of bad news that has slammed bank stocks and the broader market for months. And it did make investors optimistic that the first quarter might not be as bad as expected.
But Tuesday's advance was also fed by short covering, which occurs when investors need to buy stock to replace shares that were borrowed and then sold on expectations of a market decline.
In morning trading Wednesday, the Dow Jones industrial average rose 41.26, or 0.6 percent, to 6,967.75. The Standard & Poor's 500 index added 7.88, or 1.1 percent, to 727.48, while the Nasdaq composite index rose 21.28, or 1.6 percent, to 1,130.03.
Yesterday’s Top Performing SmallCapVoice.com stock:
Green Earth Technologies (Pink Sheets: GETG) was a SmallCapVoice.com top performer moving up over 15% on trading volume of 216,496 shares.
Green Earth Technologies announced that they have been granted the "Donut," an API Service Symbol for the SAE 5W-30 weight of their green motor oil, G-OIL(TM). G-OIL ultimate biodegradable green motor oils met and passed all the engine test criteria for The American Petroleum Institute (API) SM Certification back in November, becoming the first and only bio-based motor oil to receive such distinguished honors. Now, receiving the official Service Symbol from the American Petroleum Institute, Green Earth Technologies will utilize the "Donut" on their product packaging and ship G-OIL to stores nationwide in the upcoming months.
Green Earth Technologies produces G-branded superior performing green products made with American-Grown Base Oils that utilize the power of nanotechnology to deliver environmentally friendly products with no compromise... meaning, consumers can now "do their part" without having to give up performance or value: Save the Earth - Sacrifice Nothing. GET products are now available at Home Depot, Target, VIP, National Auto, Fred Meyer, Kroger, Albertsons, participating ACE & True Value dealers, Redners, Trader Horns, The Andersons, Biggs, Bennett Auto, Frank's Auto Supermarket and Amazon.com.
Today’s SmallCapVoice.com Hot Stocks to Watch:
Omega Commercial Finance Corporation (Pink Sheets: OCFN)
Omega Commercial Finance Corporation announced the signing of a Definitive Agreement to acquire, through a share exchange agreement, the Sterling Mine commercial real estate project located in Tuxedo Park, NY.
As previously announced, the Sterling Mine commercial real estate project is comprised of 30,654 sq. ft. of office and retail space located on 4.8 acres of prime real estate in Tuxedo Park, NY. The project is currently close to 75% complete and will be primarily comprised of retail space with adjoining office facilities. As of this date, Omega has been furnished with executed letters of intent that include 5 year occupancy terms by a local leasing agent. These agreements currently represent an occupancy rate of 84% upon completion of the project.
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