Stocks Surge, Dow Up Over 200
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Stocks started stronger today and never looked back with the Dow surging over 200 points and the S&P breaking through an important technical level.
The Dow closed up 208 points, or 2 percent, to 10,674. The Nasdaq added 41 points, or 1.8 percent, to close at 2,295. The S&P 500 rose 24 points, or 2.2 percent, to close at 1,126. S&P 500 closed above its 200 moving average of 1,122, a very important positive technical signal.
U.S. stock futures got an early boost after strong bank results in Europe from HSBC (NYSE: HBC) and BNP Paribas.
In response to the belief that a double dip recession is less likely, crude oil continued its bounce and Light, Sweet crude closed above $81 for the fist time since May.
Another important technical level that was seen today with the CBOE Volatility Index falling below its 200-day moving average, suggesting less fear in the market.
On the economic front, The Institute for Supply Management reported Monday that its manufacturing index edged down to 55.5 last month from 56.2 in June, marking the third straight month that the expansion in the sector has slowed. The reading was still ahead of the economist consensus of 54.5 for July. A reading above 50 indicates growth and the index has remained above that level for the past year as the economy recovers from the recession.
The Dow closed up 208 points, or 2 percent, to 10,674. The Nasdaq added 41 points, or 1.8 percent, to close at 2,295. The S&P 500 rose 24 points, or 2.2 percent, to close at 1,126. S&P 500 closed above its 200 moving average of 1,122, a very important positive technical signal.
U.S. stock futures got an early boost after strong bank results in Europe from HSBC (NYSE: HBC) and BNP Paribas.
In response to the belief that a double dip recession is less likely, crude oil continued its bounce and Light, Sweet crude closed above $81 for the fist time since May.
Another important technical level that was seen today with the CBOE Volatility Index falling below its 200-day moving average, suggesting less fear in the market.
On the economic front, The Institute for Supply Management reported Monday that its manufacturing index edged down to 55.5 last month from 56.2 in June, marking the third straight month that the expansion in the sector has slowed. The reading was still ahead of the economist consensus of 54.5 for July. A reading above 50 indicates growth and the index has remained above that level for the past year as the economy recovers from the recession.
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