Thursday, June 10: SUMMARY:
Upbeat economic data, both domestic and from overseas created a lot of optimism in the markets. The Labor Department said first-time jobless claims fell by 3,000 last week, with total claims depleting by the heftiest margin in nearly a year. Optimists across the globe cheered China’s solid surge in monthly exports, which also lent strength to the ailing euro – the currency of the Asian giant’s most notable export recipient. Even beleaguered oil giant BP plc (BP) rebounded from Wednesday’s 14-year low. The bulls were encouraged as the Dow broke back up through 10,000 and the important hold of support at 1,050 for the S&P 500 Index.
In the third-best session of the year, the Dow Jones Industrial Average (DJIA – 10,172.53) added an impressive 273.3 points, or 2.8%. The Dow not only reclaimed the psychologically critical 10,000 level, but also finished the session above its 20-day moving average for the first time in more than a month.
The S&P 500 Index (SPX – 1,086.84) rose 31.2 points, or 3%. However, the broad-market barometer failed to surpass its own 20-day trendline, which hasn’t been breached on a daily closing basis since May 3.
The Nasdaq Composite (COMP – 2,218.71) followed suit, finishing with a gain of 59.9 points, or 2.8%.
Crude futures finished at a four-week peak today, as the commodity followed the broader equities market higher. Crude oil for July delivery advanced $1.10, or 1.5%, to settle at $75.48 per barrel.
Gold futures extended yesterday’s retreat today and by the close, August-dated gold futures gave up $7.70, or 0.6%, to end at $1,222.20 an ounce.
