The major US indices are closing sharply higher and near the highs for the day:
- NASDAQ index snapped it's 7 day losing streak
- S&P and Dow snap their 2 day losing streak
- S&P has its best day in a month
- energy was the only sector that fell today
Catalyst for the upside:
- Lower rates. The 10 year rate is down close to 9 basis points
- Crude oil is down over 5.30%. Lower crude could foreshadow a decline in inflation
- A lower USD. Although the USDJPY is still up on the day, the pair has retraced more than 50% of the move higher. The EURUSD is trading at session highs. The USD is also at lows for the day vs the GBP, CHF, CAD, AUD, and NZD. International companies suffer from a higher dollar. There was some relief today.
- The market was oversold. It was due for a bounce.
THe final number are showing:
- Dow industrial average +435.96 points or +1.4% at 31581.27
- S&P index up 71.68 points or 1.83% at 3979.88
- NASDAQ index up 247 points or 2.14% at 11791.91
- Russell 2000 up 39.68 points or 2.21% at 1832.00