It was back to the old playbook today, as industrial companies led the way higher in a massive, marketwide rally. Over the weekend, discussion between the U.S. and China left investors with the impression that a trade war between the two countries is less likely. This allowed animal spirits to run wild, which took nearly all major averages higher.
The Industrials leapt higher at the open and stayed in positive territory all day long, ending with a 298 point gain, or 1.21%. This puts them back above the 25k mark, currently sitting at 25,013. The Transports put in a similar performance, ending the day up 1.28%, while the Nasdaq climbed 0.54% and the S&P 500 gained 0.74%.
Overseas markets didn't get the memo to rally today, so they closed with mixed results. Italy was the biggest decliner in Europe, falling 1.52%, but overall, the Stoxx 600 climbed 0.30%, with the Europe Dow up ... Log in or subscribe to continue reading.