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12/21 NEWS: Update on Sale of Company's Gold Interests

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U.S. Stocks Close Higher For 2nd Day, Show Gain On Week
the so-called "fear index"--as measured by the CBOE Volatility Index fell 12% to 26.58.

A larger-than-expected upward revision to U.S. gross domestic product data, showing that U.S. economy grew at a faster 3.7% in the second quarter (, helped lift the spirits of investors that have been unsettled by a spate of volatility. Weekly data on jobless claims (, which pointed to continued strength in the labor market, added to the optimism.

"Today's revision means the U.S. economy is growing faster and [the] consumer spending portion points to a stronger growth in the second half of the year. With this kind of growth, we expect $135 earnings per share by the end of 2016," said Phil Orlando, chief equity strategist and senior portfolio manager at Federated Investors.

That translates to a 35% rise in the S&P 500 from its current level by the end of 2016, according to Orlando.

Global equity markets rallied following a 5.3% surge in the Shanghai Composite overnight, snapping a losing streak that wiped out nearly a quarter of its value in a week. That jump cheered investors world-wide, as fears about China have been blamed for much of the recent intense selling around the globe.

See: U.S. investors shouldn't fear China's slowdown (

Even so, some China watchers are questioning what drove the move and suggest the Chinese government intervened again. Read more: China's mystery rally (

Investors had fled from stocks largely due to a lack of confidence in the Chinese government's handling of its financial markets, and the perception that the government was spending all its political capital on propping up the stock market rather than investing in its domestic economy, said John Canally, chief economic strategist for LPL Financial.

"They're clumsy and not used to reacting to markets," Canally said. "They're new to this."

The rally in U.S. stocks implies that investors are treating the recent actions out of China much like they did the 1998 Asian markets crisis, when U.S. stocks sold off initially, then bounced back, Canally said.

On Wednesday, the S&P 500 jumped 3.9% as the Dow surged 619 points ( The benchmark S&P stands 8.9% off its May record close, after finishing down 12.4% from that level on Tuesday.

Other markets:Asian markets rebounded (, while European stocks also traded higher (

Crude oil ( settled 10% higher, while gold ( settled slightly lower. The dollar ( strengthened by 0.7%.

.--Victor Reklaitis in London contributed to this article.


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August 27, 2015 16:24 ET (20:24 GMT)

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Vianna Member Level  Monday, 12/21/09 08:20:04 AM
Re: ThurstonHowellThe3rd post# 93799
Post # of 219638 
12/21 NEWS: Update on Sale of Company's Gold Interests

[GM Thurston and All FFGOrs!]

SOURCE: Fortress Financial Group, Inc.

Dec 21, 2009 08:00 ETFortress Financial Group, Inc. -- Update on Sale of Company's Gold Interests

NEW YORK, NY--(Marketwire - December 21, 2009) - Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirmed its Statement on December 9, 2009 and updated on December 16, 2009 that it had received a confirmed Offer to acquire the Company's entire interest in both the "Bouse" and the "South Copperstone" Gold Properties. The Company's Management has recommended acceptance of this Offer to both the significant minority interest holders in the "Bouse" and "South Copperstone" Gold Properties and to your Company's Loan Note Holders.

The Company's Management has now finalized the revised terms to the Offer required by the Company in order to complete this transaction, this being in conjunction with the significant minority interest holders in both the "Bouse" and the "South Copperstone" Gold Properties.

The Company's Management is now discussing its requested revised terms of this Offer with the party that has submitted the Offer. If these revised terms are accepted by the party that has made the Offer, this week, the Company will not be issuing any further updates; just the announcement and the Regulatory Filing in respect of the transaction.

The Company's Management remains confident that an agreement may well be reached between all of the parties and that this transaction can be concluded before the end of this month.

Should the Company accept this offer, it will report immediately on a Form 8-K Filing and by a press release. The Company will not comment on market rumors or on the trading in its stock and stockholders are advised to rely upon the Company's regulatory filings and Press Releases for guidance.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually," "projected" or "guidelines." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors and other risks identified in filings made by such company with the SEC.

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