Another huge up-day for stocks is causing bears to scream for mercy.
But first, the scoreboard:
S&P 500: +24
And now, the top stories:
- The first big economic news of the week was the Chinese PMI which indicated that Chinese manufacturing was inching ever closer to contraction. But contrary to the expectations of some, it did not spook investors. In fact, Asia had a very big night, with Shanghai gaining about 1.3%.
- The good times continued in Europe, where banks continued to put out very strong earnings, most notably HSBC. The euro caught fire early on, and never let up.
- And that was largely the story for the day in the US. The only big hurdle for the US at that point was the ISM at 10:00 AM, and that came in stronger than expected, which was nice for two reasons. For one thing, Goldman Sachs had expected it to be ugly. And beyond that, the macro data has consistently been pretty weak, so that also made the ISM extra exciting.
- In terms of stocks, the S&P 500 blew past the closely watched 200-day moving average with its big early-morning gain, providing further fuel for the bulls.
- The only big loser of the day was the US Dollar, but then, that’s to be expected, when literally everything else is going up.
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