Stocks rallied today on very light volume as the falling dollar was the catalyst today. With the lower dollar, investors saw gold prices climb above $1530 per ounce and oil passing $100 per barrel. Investors shrugged off lower-than-expected economic data, sending the Dow, S&P 500 and the Nasdaq higher.
The big story today was Medco Health Solutions (MHS). The stock slumped more than 10% after losing a $3 billion contract to provide pharmacy services to federal employees. On the other end of the news was CVS Caremark (NYSE:CVS), who said it will take over the contract.
Marvell Technology Group (NASDAQ:MRVL) jumped over 10% today after forecasting a better-than-expected second quarter as its wireless chip business continues to perform well.
And this mornings Sterne Agee upgraded shares of Anadarko Petroleum (NYSE:APC) from neutral to buy as higher oil prices should boost earnings. The firm set a price target of $97 per share and raised its EPS estimates. APC was higher by 0.5% today.
The markets will be closed on Monday for Memorial Day. Have a good weekend and check back in on Tuesday for more financial news.
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