Rally resumes - Stocks had a decent day yesterday and refreshingly, we saw the leaders actually come back to life as the Dow and S&P 500 lagged... Market Commentary for 1/27/11 Current Daily Market Commentary
The DOW Jones crossed 12,000 today, but could not hold that level by the close, although it did manage to close with modest gains. The S&P got close to the magic 1300 level, but just missed crossing it. It ended the day with moderate gains, while the Wilshire 4500 made up for lost ground with a gain of 1.32% on the day.
The big event of the day was this afternoon's FOMC rate announcement, but it turned out to the be a relative non-event.
Earlier in the day, December
Late reversal - The major stock indices were mostly flat yesterday, but it was quite a day. We saw a nice late-day reversal as the Dow had been down about 80-points with an hour to go in the trading day, but closed down just 3-points... Market Commentary for 1/26/11 Current Daily Market Commentary
It was a volatile day in the market with the major averages spending most of the day in the red, but an end of day final push to the neutral line allowed the averages to close mixed.
There's not a lot to say about today's action as it was probably being driven by this evening's State of the Union address. And tomorrow afternoon will see the Fed's FOMC rate announcement. Until these two events are past us this market will be driven by speculation.
Here's today's charts:
Follow through - Stocks rallied impressively yesterday on mild volume as the Dow gained 108-points making a new 2.5 year high, but again the other indices lagged slightly... Market Commentary for 1/25/11 Current Daily Market Commentary