2 Stocks That Missed the Dow's Rally Today
U.S. markets rallied strongly today, driven by commentary from Federal Reserve Chairman Ben Bernanke. During remarks to the National Association of Business Economists, Bernanke suggested that additional quantitative easing could be necessary to further address the lingering unemployment problems facing the U.S economy, and that news sent markets on an absolute tear.
For the day, the Dow Jones Industrial Average (INDEX: ^DJI) gained 160 points to end the day 1.2% higher. Both the Nasdaq and S&P 500 also turned in strong performances today, spiking 1.8% and 1.4%, respectively. The rally comes after the worst week for the stock market so far this year. After the surge today, the S&P once again sits at its highest level in four years.
Around the market
Among Dow components, only telecom stalwartVerizon Communications (NYS: VZ) ended the day in negative territory. Verizon declined a meager 0.2% on news that Citigroup revised its quarterly earnings-per-share estimates downward slightly. The bank lowered its guidance, citing possible margin erosion in Verizon's wireline business.
Sirius XM (NAS: SIRI) also ended the day in the red, with its stock falling 0.7%. Last week, the company announced a deal with automotive powerhouse Toyota (NYS: TM) to include three-month trial subscriptions on certified used vehicles. Thus far in 2012, Sirius' stock has beaten the market by a wide margin, rising 23.4% versus the Dow's 8.4% gain. Similarly, Toyota's stock has also increased by an impressive amount. It's popped 27.6% year to date.
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At the time this article was published Andrew Tonner held no financial position in any of the companies mentioned in this article at the time of publication. The Motley Fool has adisclosure policy. We Fools don't all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.
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