Market wrap: another afternoon rally carried Wall Street higher for a second consecutive session. The major indexes finished 1.2 - 2.7% higher on signs that this earnings season may not be as grim as feared.
There were gains across most sectors, with REITs (+3.7%) and transport (+4.2%) the stand-outs. Gold and silver miners were sold off as the price of gold wilted 2%, recently trading at $873.40. Oil squeezed out a gain of 1.5% to $50 to maintain its recent tight trading range. Yesterday's disappointing Chinese GDP figures stalled the recent rally in base metals overnight, although losses were minimal.
Futures traders expect our market to charge on today. The SPI rose 46 points to 3833. For a bear-market rally (if that's all it is), this one sure has legs! A close at those levels would be the XJO's highest finish since November.
