Wednesday's Market Recap - Dow Up 322 Points After Yesterday's Mammoth Reversal.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are higher again this morning, with Dow futures up 140 points, Nasdaq futures up 26.25 points, and S&P futures up 10 points. Asian markets closed with gains overnight. Investors are anticipating strong earnings reports this morning from Bank of America, and Goldman Sachs.
On The Bond Desk:
US 10 year bond yield at 2.54%, down 0.01% or one basis point.
Currency Desk:
Euro dollar at 1.22
UK Pound at 1.37
Crude Oil:
WTI crude oil futures at $63.49/barrel, down 0.35%.
On the Earnings Calendar:
Strong 4Q Earning performance from Bank of America, and Goldman Sachs.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mostly higher. Japan (Nikkei 225) lost 0.35%, Shanghai up 0.24%, Hong Kong (Hang Seng) up 0.24%.
Major European markets closed lower in their session. Germany (DAX) down 0.39%, France CAC 40 down 0.36%, London FTSE 100 0.39%.
Market And Sector Dynamics
Stocks opened Wednesday's trading significantly higher. The Dow jumped 156 points, Nasdaq surged 34 points, and the S&P gained 10 points. Technology stocks, such as IBM and Microsoft are leading markets higher, early in the session.
All the worries that dominated yesterday's market, causing the biggest reversal in two years, seems to have dissipated, as markets climbed higher, in hockey stick fashion for the entire trading session.
Shares of Apple, also gained today, after the company announced that it will repatriate billion of dollars from overseas, and will pay a $38 Billion tax bill. The company also announced it will build another campus in the US, and will hire another 20,000 people.
Today's rally was broad based, with all eleven S&P sectors closing the session with solid gains. Technology, Consumer goods, financials, healthcare, and industrials, were the outperformers.
Factors Influencing Today's Market
Crude oil price rose moderately in the session. WTI crude oil closed at $64.22/barrel, up 0.77%.
Strong Q4 Earnings results from Bank of America, and Goldman Sachs.
Apple's announcement that it will build another campus in the US, and hire 20,000 people.
Asian markets close mostly higher.
January Housing Market Index, suggest homebuilder sentiment remains high at 72 vs 70 - 75 consensus range.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the Dow climbed 322.79 points, and closing above 26,000 for the first time. Nasdaq gained 74.59 points, S&P rose 26.14 points. Total NYSE volume traded, a moderate 3.59 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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