Daily Wrap: 9/9/10 Thursday, September 9, 5:21 PM ET
Stocks retreated from earlier gains but the major indexes still managed to close in positive territory. A better than expected jobs report sparked the rally this morning. The U.S. Department of Labor report showed there were fewer people filing for unemployment claims than economists expected. That was good news for investors, as more people working bodes well for the U.S. economy. But a midday Bloomberg report dampened the rally. Bloomberg said Deutschebank may be considering a stock sale. Investors speculated the German bank may need the money for it's debt situation which reignited worries over the European crisis.
Shares of Adobe Systems (NASDAQ:ADBE) were up sharply today after Apple (NASDAQ:AAPL) announced it is relaxing restrictions on certain development tools. These restrictions had previously prevented any applications using Adobe's software. Amrep shares also jumped today after the company's vice chairman of its board offered to take the company private for $12 per share in cash. Amrep shares were up over 17% today from yesterday's close of $10.24.
And shares of Santarus Inc. (SNTS) were higher after the company said it was granted exclusive rights to manufacture and market Cycloset. That drug has been approved by the FDA to treat patients with Type 2 diabetes. Those shares gained almost 21% on the news.
And so the Dow, Nasdaq and S&P 500 squeezed out a marginal gain, but less than 1/2 a percent.
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