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
3 to 5 day rule - The inverted head and shoulders patterns broke out to the upside on many of the major indices yesterday. This is a big development, and the 115-point rally was very strong, but it is just a little too early to celebrate... Market Commentary for 4/27/11 Current Daily Market Commentary
It took over 2 months, but the S&P 500 finally achieved a new high for the year and its highest close in almost 3 years.
There were a number of companies that reported earnings today. Here's how the current group fared:
Illinois Tool Works (ITW 57.73, +3.32), 3M (MMM 95.94, +1.82), Humana (HUM 76.69, +4.01), UPS (UPS 74.30, +0.66), Ford (F 15.66, +0.12), Delta Air Lines (DAL 9.99, +0.99), US Airways (LCC 8.80, +0.52), IBM (IBM 168.49, +0.82), Coca-Cola (KO 66.93, -0.81),
Updated 04-27-2011 at 06:07 AM by coolhand
Dull day... waiting - Just a quick update today after yesterday's uneventful, low volume trading. The Dow slipped 26-points... Market Commentary for 4/26/11 Current Daily Market Commentary
There was little news to drive the markets today and volume was quite anemic to boot. As a result the major averages drifted around in mostly negative territory, but did close mixed as the Nasdaq managed to post some modest gains in spite of the negative finish for the S&P and DOW.
One data point of note today was March new home sales, which rose to an annualized rate of 300,000 units from a rate of 270,000 units the prior month. Economists had been looking for a number closer to