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http://blog.wenxuecity.com/myblog.php?blogID=49189
SPY (April 5) 2010-04-05 17:21:32
The major indexes bounced to 52-week highs Monday in a broad rally.
The Nasdaq led with a 1.1% gain. The NYSE and S&P 500 added 0.8% while the Dow rose 0.4%. All indexes ended in the upper half of their trading ranges. Small caps were on a tear, driving the S&P 600 ahead 1.9%.
Advancing stocks led decliners by nearly 3-to-1.
Indexes were stronger than in the dull action of recent weeks. But volume was lower on both the Nasdaq and NYSE, despite Thursday's light pre-holiday session.
The light trading suggested that institutional investors saw the new highs with some reluctance.
The market has some distribution stacked against it as it heads into earnings season. .
March jobs data, announced Friday, offered fodder for both optimists and pessimists.
The Labor Department said the economy added 162,000 jobs, below the 190,000 forecast. The unemployment rate didn't flinch, still 9.7%. The average period spent on unemployment rose to more than 31 weeks — the longest duration on record. But the rise in jobs was the largest in three years.
More evidence of a recovery came Monday with the Institute for Supply Management's March service index reading of 55.4 — the best mark since May 2006 and above expectations.
February pending sales of existing homes unexpectedly rebounded, a relief to the real estate industry.
Upbeat on the economy, investors rushed out of safe havens like the dollar and Treasuries and into commodities. Oil rose 2% to $86.62 a barrel, topping resistance at $85.
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