Market is looking strong once again....hope it stays that way until the close ;)
Wall Street powers ahead for a second day Strong data ease concerns over slowdown; Bear Stearns tops forecasts
By Tomi Kilgore & Mark Cotton, Last Update: 10:27 AM ET Jun 15, 2006
NEW YORK (MarketWatch) -- U.S. stocks gained ground again Thursday as the market built on a prior-session rally signaling hope that heavy selling over the last month -- fueled by inflation concerns -- may have finally exhausted itself. A stronger-than-expected regional manufacturing report helped ease concern over slowing growth, and provide a base for gains. Solid quarterly results from Bear Stearns also offered support. The Dow Jones Industrial Average ($INDU : $INDU News , chart, profile, more Last:
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: $INDU, , ) was up 81 points at 10,898 after posting a triple-digit gain in the prior session for the first time in more than a month. Of the 30 Dow stocks, 22 contributed to gains. The Nasdaq Composite Index ($COMPQ : $COMPQ News , chart, profile, more Last:
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: $COMPQ, , ) rose 29 points to 2,114, after snapping an eight-session losing streak on Wednesday while the S&P 500 Index ($SPX : $SPX News , chart, profile, more Last:
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: $SPX, , ) gained 10 points to 1,240. "The numbers we've been getting over the past few days are just a confirmation of what the [Federal Reserve] is worried about," said Peter Cardillo, chief market analyst at S.W. Bach, referring to the central bank's concerns about inflation and economic growth. "The fact that the market has been over-exaggerating the fear of the Fed crippling economic activity means that we're probably heading for a bounce over the next couple of days in a market that is seeking to put in a bottom." On the broader market for equities, advancers outpaced decliners by more than 3 to 1 on the New York Stock Exchange, and by 4 to 1 on the Nasdaq.
DOW Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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