Stocks had their best day in weeks Thursday after solid demand for another Treasury auction and an unexpected profit from Bed, Bath & Beyond.
Stocks had opened lower after weekly jobless claims came in higher than expected but quickly rebounded.
The Dow gained more than 170 points, or 2.1 percent. The S&P added 1.8 percent and the Nasdaq gained 2.1 percent.
Solid demand for yet another Treasury auction boosted confidence: The U.S. sold $27 billion of seven-year notes with a yield of 3.329 percent. This was the latest sign that the government isn’t having any trouble selling its debt, following strong demand for auctions of 2-year and 5-year notes in the past two days.
(MSNBC.com)
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The coast is clear. There was a 7.5% correction, and the market held support at the 200 day moving average. This confirms that the market is headed upwards, and any drop will not be below the moving average lines. The stage is set for a big continuation in the rally. The institutions that missed the rally all this time, and have been waiting for a pullback will now buy in with large amounts of money, which will lead the market higher, much higher. Invest now, or lose the opportunity. (With caution and carefully placed stop loss orders, please)