Market wrap: a last-hour rally dragged Wall Street into positive territory after a choppy night on global markets. The major indexes put on more than 1.2% each as the sectors that led the market lower yesterday recovered strongly. Leading the gains were banks (+6.7%), REITs (+8.69%) and insurance (+3.4%).
Oil and gold were little changed. Oil zigged in and out of positive territory, finishing off 0.3% at $49.79. Gold was recently up 0.2% at $893.50. The real action was in base metals, where copper, nickel, zinc and lead powered on. These have made huge advances in the last three months and look well on the way to recovery.
Futures traders expect a strong day on the local market. The SPI closed up 38 points at 3790.
Resource stocks are the obvious target today, with improving fundamentals justifying a re-rate of many beaten-down companies. There were plenty of candidates mentioned in yesterday's thread. I'll be exploring the various metal sectors for any laggards.
