Market wrap: US markets rallied overnight for a third day to their highest level in two weeks. The major indexes climbed 3.5 - 4% as bank stocks surged and February retail sales figures came in better than expected. Banking indices recorded double-digit gains for the second time this week but the rally was broad-based, with strength across all sectors.
Oil reversed yesterday's losses with an 11% bounce back towards $47. Gold gained 1.5% to near $924. Base metals were mixed, with copper stable but nickel notably weaker.
Our futures are bullish after yesterday's sell-down. The SPI closed up 58 points at 3305. That might be over-optimistic given yesterday's local employment figures and the danger of the usual end-of-the-week sell-off. Then again, there does seem to be a real change of sentiment in the US - at least until the next shock.
I missed yesterday's trading after my father-in-law's kidneys packed in, so there's a lot of catching up to do this morning. Will be back later with any further thoughts on the prospects for the day.
