The state of economy growth appears to be a concern with even more economic data following the current downward trend. Although the decline in the orders for durable goods was down 2.8 percent, which was larger than the overall expectation and was down for the first time since January, the major markets were able to rally for the first time this week.The Dow, Nasdaq, and the S&P 500 all finished the day on a positive note and in the green. The rise in crude oil price to $68.97, up a $1.20 from yesterday, was able to help lead the climb in today’s markets, lead mostly by energy companies. The movements in the larger markets helped spark rallies in the micro-cap space. The Russell Microcap index (rmicro.ind) was up 1.639 points; the S&P Small Cap Index (sml.ind) was up 6.130l.
Many energy stocks saw gains following the moves by crude oil resulting in energy companies across the board to experience a positive day. Ivanhoe Energy Inc. (Nasdaq: IVAN) issued in a press release today that it has successfully completed its key athabasca bitumen test run at Ivanhoe Energy’s Commercial Demonstration Facility in California using its proprietary heavy oil upgrading technology. Ivanhoe finished the day with a stock price of $1.99, which is up 21 cents or 12 percent on 3.4 million in volume.
Alternate Energy Holdings (Pink Sheets: AEHI) announcement today that it intends to build Idaho’s first commercial nuclear power plant generated gains in the companies stock price Wednesday. Today Alternate Energy announced that Cobblestone Financial Group, out of New York, sent a letter of intent that shows they intend to fund the project in full for nearly $3.5 million on Alternates nuclear power plant project. Shares climbed 16 cents today, or 32 percent, before settling at 66 cents this afternoon.
Financial media company, Stockgroup Information Systems Inc. (OTCBB: SWEB) announced today it released its private-labeled wireless MarketStream product under the Reuters Connect-Station brand which allows users to receive financial data via BlackBerry. In the press release the company said the product is customized to meet the needs of Reuters’ desktop customers and includes streaming real-time market data, intra-day charting, snap quotes, scrolling headlines and full news stories. At the market’s close, shares of Stockgroup were up 9 cents, or 9 percent, to $1.09 on volume of 145,145.