Investors responded positively to a 1.4% gain in May retail sales and positive news from the Federal Reserve's Beige Book, which witnessed moderate growth in the economy and reported inflationary pressures as minimal in many areas of the country.
The Dow posted its best one-day gian since July 2006, and other indices showed similar impressive advances.
Dow 13,482.35 +87.34; NASDAQ 2,582.31 +32.54; S&P 500 1,515.67 +22.67; NYSE Composite 9,863.50 +139.01
Some easing in the bond market also fueled the rally in stocks as the 10-year note fell back to a 5.21% yield, though oil prices continued to charge ahead.
Light crude on the NYMEX priced out at $66.26 per barrel, an increase of 91 cents. Gold and silver were marginally lower, and remain moribund.
Internal indicators revealed that the rally was widespread, with advancing issues trouncing decliners by a 7-2 ratio. There were 242 new highs and 191 new lows - a positive development that we've been hoping for - equilibrium and stability.
With some important economic numbers due out tomorrow (PPI) and Friday (CPI, Capacity Utilization), get ready for a stunning close to the trading week, especially if those numbers follow today's lead set by the Beige Book reading.
Wednesday, June 13, 2007
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