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The Character of the Market is Changing

Daily Recap

Stocks built on momentum from the end of last week, rising for the third consecutive session as technology and industrial shares led the way higher. Much of the gains are being attributed to strong earnings. With 95% of the companies in the S&P 500 having reported, blended earnings growth for Q1 sits at 13.9% − the highest since Q3 2011.

 

Oil is also helping out, as it has rebounded above the $50 mark while taking the rest of the commodity complex with it. Today light crude rose 2% to close at $50.67/barrel.

 

At the close, the Industrials are up 90 points or 0.43%, with the Transports up nearly a full percent. The Nasdaq gained 0.82% while the S&P 500 rose 0.52%. Earlier in the day Asian exchanges posted solid gains (the DJ Asia-Pacific TSM index rose 0.86%) while Europe was more mixed; the Stoxx 600 fell 0.09%.

 

Treasury bonds sold off slightly, causing ... Log in or subscribe to continue reading.


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