Stocks opened higher on Thursday morning and continued to rise most of the day, except for a late minor dip near the close. The Dow gained 174-points, off the 200+ point highs of the day. The Nasdaq, small caps, and the Transports led the way on the upside, and those are the leaders that the bulls would want to see outperforming. The Nasdaq actually made a new closing high.
Stocks were mixed yesterday as the Nasdaq and small caps ended the day with moderate gains while the Dow suffered its second straight triple digit loss (-119) with IBM accounting for half of those losses. The S&P 500 had opened sharply higher on the day, but the weight of IBM and the drop in oil prices was too much for the large cap index.
Stocks opened lower yesterday and couldn't catch much of a bid all day, although the Dow did manage to close about 60-points off the intraday low. The 114-point loss means we still have not had two consecutive positive days in April. And if we go further back, the Dow has had only one two-day winning streak since 12-day winning streak ended in February, and that was back in early March.
Stocks snapped back on Monday, from the pre-holiday geopolitical jitters. The Dow gained 184-points and the S&P 500 grabbed back all of Thursday's losses, and a good part of Wednesday's. Small caps and the Transports led on the upside, which is a good sign considering they had both been flirting with breakdowns.
The closer we got toward the close on Thursday, before the long 3-day market weekend, the more investors moved into defensive mode while the precarious geopolitical events played out. There was a weak bounce just after 1 PM but the losses accelerated into the close and the Dow ended the day down 139-points. The 0.5% to 0.7% losses aren't disasters by any means, but these moderate down days have been adding up lately.
S&P 500 (C fund)
||Dow Completion (S fund)
||EFA (I fund)
||Bonds (F fund)