SmarTrend(R) Market Close Wrap-Up -- August 24, 2009

Last Updated: August 24th, 2009: 5:25 PM ET --- Major U.S. equity indices jumped to new highs while riding the coattails of Friday's better-than-expected housing data and positive sentiment from Bernanke, but fell after lunch time to finish the day with mixed results. The biggest corporate news of the day was a deal reached by Procter & Gamble (NYSE:PG) to sell its global pharmaceuticals business to Warner Chilcott plc (NASDAQ:WCRX) for $3.1 billion in cash. The government's "cash for clunkers" program is set to expire early this evening after funding dried up more quickly than expected. Oil and gas stocks outperformed, gaining 1.28% while financials lagged, down 0.92%. At the day's close, the Dow Jones Industrial Average rose 0.03% to 9,509.28, while the S&P 500 sank 0.06% to 1,025.56 and the Nasdaq Composite fell 0.14% to 2,017.98.

Write to Chip Brian at cbrian@tradethetrend.com

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