STOCKS RALLY AND BITCOIN COLLAPSES AGAIN: Here's What You Need To Know

It was another nice up-day for the stock market.

First the scoreboard:

Dow: 14,864, +62.5 pts, +0.4 per cent
S&P 500: 1,593, +5.6 pts, +0.3 per cent
NASDAQ: 3,300, +2.9 pts, +0.0 per cent

And now the top stories:

  • Economists breathed a sigh of relief when the initial jobless claims report came out.  Claims fell to 346,000 from 388,000 a week ago.  This was a much better improvement than the 360,000 economists were expecting.
  • Today’s claims number was watched particularly closely because the March nonfarm payrolls and last week’s claims reports were both worse than expected.  The drop in claims confirmed economists suspicion that last week’s spike was largely due to seasonal factors.
  • Stock market guru Ed Yardeni wrote that the current rally looked very similar to the rally that preceded the financial crisis.  “This time, central banks have flooded the global capital markets with liquidity, which is one of the main reasons I expect that 2013 will part ways with 2007,” he wrote reassuringly.
  • In Bitcoin news, the controversial digital currency continued to collapse.  In fact, things got so ugly that Mt. Gox — the main exchange for Bitcoin — stopped trading and said it would reopen trading at 10:00 PM ET.
  • Bond god Jeff Gundlach gave a presentation today.  Among other things, he unveiled his hot new trade: short Chipotle. “Gourmet burrito is an oxymoron,” said Gundlach according to Reformed Broker Josh Brown. Chipotle fell by over 3 per cent today.
  • Don’t Miss: Gundlach Warns Bond Bears They’re Dead Wrong In This Awesome Presentation >

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