How bullish have investors become?
They’re piling into stocks big time ahead of a three-day weekend? Think about what horrible things could happen in three days. A war could break out in the Middle East. An Eastern European economy could collapse.
An ostensible saviour of mankind could be crucified and rise in three days, all before the market opens.
Anything could happen and yet investors couldn’t take their finger off the BUY trigger all day.
Now that’s optimism.
The big news, of course, was Wells Fargo (WFC) talking up its coming earnings report. Bank of America (BAC) gained a whopping 35% today. Other financials followed suit, though to a lesser extent.
The Dow gained 246.11, vaulting past 8,000 to 8,083.11. The S&P 500 jumped 31.30 to 856.55, and the NASDAQ added 61.88, finishing at 1,652.44.