Led by the banks, stocks rallied from the opening bell this morning and stayed in positive territory for the entire trading session. Actually after the initial 100 point plus surge in the Dow, stocks basically flat lined at that level for the rest of the day. Nevertheless, the bulls seem to be reenergized for the moment. Of course, we have a full week of earnings reports to deal with, not to mention Fed Chair Yellen’s testimony before the Senate Banking Committee tomorrow and the House Financial Services Committee on Wednesday.
For the day, the Dow Jones Industrial Average was up 111 points to close at 17,055. The S&P 500 was up 9 to finish the day at 1977. Gold was down $29 to trade at $1307 per ounce, while oil was up $.29 to trade at $101.12 per barrel WTI.
Besides a full earnings calendar and Ms. Yellen’s appearances, on the economic front we will get Retail Sales, Empire State Manufacturing Survey and Import and Export Prices reports tomorrow, Industrial Production on Wednesday, Housing Starts, Jobless Claims and the Philly Fed Survey on Thursday, and finally Consumer Sentiment and Leading Indicators on Friday. Buckle up. It looks to be an information filled week. We’ll keep you up to date.
Have a nice evening everyone.