Another big move, different day.
Stocks gapped at the open and never looked back. It actually started in Asia where their major averages advanced well above 1% on average. And then Europe followed suit with average gains in the vicinity of 2% for their major bourses.
From there it spilled over into our market where another day of relatively strong earnings reports helped drive prices higher.
Oil spiked higher by 2.9% with a closing price of $111.45
Updated 04-21-2011 at 10:22 AM by coolhand
While trading was tentative for about the first half of the session, stocks managed to put together a rally later in the afternoon, most of which occurred while the Fed Chair, Ben Bernanke, was giving his first press conference. Apparently, the market liked his comments.
At 1230 EST, the latest FOMC policy statement was released, which didn't hold any surprises as the current Fed Funds Rate was kept place (0.00% to 0.25%) and the Fed expects it to remain that way for an extended
After three strong up days, the market reversed hard today. And chances are it won't be a one day event. Momentum seems to be swinging for several trading days at a time. First in one direction, then another.
Most of today's tone seems to be rooted in overseas data. Continued concerns involving higher interest rates and Greece's debt situation came back into focus. And in China, news that consumer prices spiked by 5.3% also didn't sit well with market forces.
There's no shortage of media headlines that are pointing out possible trouble ahead for the market. And many technical indicators certainly suggest the same. But is this another one of those walks up to the precipice simply to shake weak hands? Let's take a look at how we're allocated for the new week and whether we're buying into the fear.
The Top 50 dropped their total stock allocation for the second straight week,
Trade was pretty choppy today, but the the broader averages did manage to close well off its lows of the day and Nasdaq even managed a very modest gain. But I doubt too many bulls are feeling comfortable right now.
And economic data didn't do the market any favors today either. April Industrial production came in flat, in spite of estimates for a 0.5% increase. And Capacity Utilization came in at 76.9%, which was below estimates of 77.7%.
Perhaps the worst news of the