STOCKS RALLY AFTER MOUNTAIN OF GOOD DATA: Here's What You Need To Know

Bunn Bull

Photo: brandnliu flickr

Well, the bulls are starting to put together a streak again!But first, the scoreboard:

Dow: +56.42
NASDAQ: +3.92
S&P 500: +4.99

And now, the top stories:

  • The day started with a slew of Chinese economic data, all of which was hotter than expected — CPI and GDP. While global markets were generally down overnight, Shanghai was actually up a little bit.
  • In Europe, spreads continued to widen. Moody’s downgraded Ireland. Greece announced new austerity measures. And everyone’s waiting for the big Finnish election this weekend to see if the bailout deals will be torpedoed.
  • Stocks were lower in the early going, but got a lift from economic data. CPI came in tame. Industrial capacity came in strong. So did Empire State Manufacturing. So did consumer sentiment.
  • After that, it was basically liftoff for the rest of the day.
  • In terms of company-specific news, Bank of America came out with pretty mediocre earnings, and the stock slid. Google earnings tanked after its bad earnings last night.
  • It wasn’t market related, but there was a huge bust of online poker sites today.
  • Click here to see the world’s largest entitlement spenders >

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