Stocks Back In Rally-Mode, Dow Jumps 200
Despite calls for a pause in the huge move off the bottom and last week's 5% giveback, stocks are back in rally-mode today, with the Dow gaining 207, the Nasdaq adding 44 and the S&P 500 up 23.
A better-than-expected quarterly earnings reports home improvement giant Lowe's (NYSE: LOW) and strong international market strength, on the positive free-market election results in India, have investors buying again today.
Financial stocks are higher, led by the 11% move higher in the nation's largest bank by deposits, Bank of America (NYSE: BAC), after Goldman Sachs told investors to load-up on the shares. Goldman added the stock to their prestigious Conviction Buy List, citing the ongoing capital raise and a solid quarter for the company's mortgage and capital markets businesses. Broadly financials are up 5%, as represented by the ETF Financial Select Sector SPDR (NYSE: XLF).
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