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Mix-Ansicht- Close Dow +342.95 at 11215.92, Nasdaq +80.86 at 2166.44, S&P +35.55 at 1284.99: - Der letzte Grund, 17.05.2001, 11:11
Close Dow +342.95 at 11215.92, Nasdaq +80.86 at 2166.44, S&P +35.55 at 1284.99:
The markets staged a massive rally today in the absence of any real market moving events. Buy interest was broad as participation included groups as disparate as gold, biotech, financials and cyclicals. By the end of the day, the Dow had posted a 343 point gain to close at 11,216. This marks the first close over 11,000 since September 14, 2000 and today's move represented a convincing break of this key resistance level. The major averages closed near the day's highs on strong volume... Two high profile economic reports influenced the early action. The Consumer Price Index (CPI) for April rose 0.3% which was slightly weaker than consensus expectations. The CPI number suggests inflation continues to be under control which gives the Fed a green light to continue with subsequent rate cuts should it deem them necessary. Separately, housing starts rose 1.5% to a 1.609 million unit rate in April which was roughly in line with expectations. The housing data served as additional support to those contending consumer strength remains relatively intact... Yet in the end, the magnitude of today's move is likely a consequence of yesterday's activity surrounding monetary policy. The Fed came through with a 50 basis point rate cut for the fifth consecutive time and added language suggesting further rate cuts are likely. From the standpoint of history, equities typically rally after the third in a series of Fed easings. With the fifth consecutive rate cut many investors are beginning to feel more comfortable staking out longer term positions. DJTA +1.5%... DJUA +0.5%... SOX +6.5%... XOI +0.7%... BTK +6.9%... Nasdaq 100 +5.7%... S&P Midcap 400 +2.4%... Russell 2000 +1.5%... NYSE Adv/Dec 2078/1011... Nasdaq Adv/Dec 2311/1528.
15:30 ET Dow +304, Nasdaq +74, S&P +32.36: [BRIEFING.COM] With a half hour remaining to trade, the Dow is working on a 300 point intraday gain. The move is largely viewed as a delayed reaction to yesterday's 50 basis rate cut and reiterated easing bias from the Fed. Momentum has also been driven by a technical read on the index as 11,000 has not been pierced on a closing basis since September 14, 2000. With today representing the first clearance in eight months market technicians will contend today's gains initiate a new trend. Whether this is truly the case remains to be seen yet the magnitude of the break looks convincing. DJTA +1.0%... DJUA +0.4%... SOX +6.3%... XOI +0.7%... BTK +7.3%... Nasdaq 100 +5.2%... S&P Midcap 400 +2.1%... Russell 2000 +1.5%... NYSE Adv/Dec 2103/948... Nasdaq Adv/Dec 2296/1528.
15:00 ET Dow +280, Nasdaq +79, S&P +31.63: In case you've missed it, the trend for the day has been higher. Aside from a very mild mid-day sell wave, the major averages have headed North throughout the session. It's been quite a while since we've seen a day like this with the S&P 500 posting a"Nasdaq-like" 30 point gain. The S&P strength belies the breadth of today's move which has not been limited to either technology or blue chips. The buy interest ranges through biotech (BTK +7.7%), semiconductors (SOX +6.1%), gold-related issues (XAU +5.3%) and financials (S&P Financials +2.1%) to name a few notable groups. DJTA +1.0%... DJUA +0.4%... XOI +0.5%... Nasdaq 100 +5.0%... S&P Midcap 400 +1.9%... Russell 2000 +1.4%... NYSE Adv/Dec 2014/1027... Nasdaq Adv/Dec 2201/1535.
14:30 ET Dow +250, Nasdaq +64, S&P +27.27: In terms of monetary policy, the markets ostensibly got what they wanted yesterday. The Fed eased by a half point for the fifth consecutive time and threw in comments suggesting further rate cuts are likely. Nonetheless, yesterday's reaction was lukewarm at best with each of the major averages favoring the flatline. Today's delayed reaction is much stronger with the Dow gaining 200+ points on a move that has taken the index over the 11,100 level. Investors are weighing a number of factors here. Corporate performance continues to be mixed at best and there are notable pockets of industry which are failing to demonstrate a recovery. Yet markets typically move after the third in a series of rate cuts which has many investors feeling comfortable on the long side following a fifth consecutive cut. Seasonality cuts in both directions -- equities generally underperform in the period of May through October which favors a sideline approach over the next couple months. Yet the current timeframe of mid-May through July is typically favorable for equities as a Summer rally commonly ensues. It's worth noting many investors would throw out the seasonality contention altogether this year as the most recent"favorable period" of October through April resulted in massive equity losses. DJTA +0.8%... DJUA +0.4%... SOX +4.7%... XOI +0.5%... BTK +7.4%... Nasdaq 100 +4.2%... S&P Midcap 400 +1.6%... Russell 2000 +1.1%... NYSE Adv/Dec 1965/1058... Nasdaq Adv/Dec 2088/1603.
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