So the second half of the year is off to a good start, eh?
First, the scoreboard:
Dow: +146.7 or up 1.44%
S&P 500: +16.53 or up 1.53%
NASDAQ: +43.67 or up 1.99%
And now, some key stories:
- What’s funny is that the overnight news was hardly what you’d call positive. China put a went blanket on the market late last night, when leaders indicated that there were no plans to lift lending curbs, and reignite the red-hot housing market.
- And then of course there was the Portugal downgrade from Moody’s, which at first looked like it might have been a big deal. The euro got hammered on the news, but it ended well up, above $1.27.
- Still it seems like investors are generally feeling good about earnings. In addition to yesterday’s reports from CSX and Alcoa, steel giant Posco came out and actually raised its demand expectations, providing positive colour for the global economy.
- Beyond that, the news was so-so. Apple fell as investors digested the impact of antenna concerns. BP failed to rally, despite further advances on the latest cap.
- Commodities also had a strong day, notably gold, which was up $14, and seems to be trading more like a commodity than a currency.