The Dow added +286.84 (+2.37%) to close at 12414.79. So is a real rally underway? I don’t think so. Volume just wasn’t there. All four indexes gained 2% plus though. I think this first burst of buying is a head fake. I’ll take it but won’t add in size until I get a confirmed uptrend with price above the 50 EMA line.
I think investors are thinking we will get stimulus in Europe and here in the USA. Could be…
All 30 Dow stocks were up today, some a whole lot more than others. BAC was up +7.61% leading the Dow higher followed by UTX, CAT, GE, CSCO, HD, CVX and JPM. From the low end we had WMT, JNJ, KFT, PG, MRK and VZ.
Every stock in Jim Cramer’s charitable trust portfolio was up today too.
Breadth on the push higher today was impressive. Even Facebook (FB) moved higher today, up +3.64% to close at $26.81.
The dollar was down against the euro and British pound, but gained against the Japanese yen.
Oil for July delivery was up 73 cents to settle at $85.02 a barrel.
Gold futures for June delivery rose $17.30 to settle at $1,634.20 an ounce.
The price on the benchmark 10-year U.S. Treasury slipped, pushing the yield up to 1.65% from 1.56% late Tuesday.
Tomorrow before the open, notable stocks expected to report earnings include BRLI, CMN, CMVT, ISLE, SJM, LULU, MPR, NAV, TITN, and UTIW.