We've been a broken record saying there can be no durable bull market without financials in the mix and now they are. Bank of America (NYSE:BAC), JP Morgan (NYSE:JPM), Wells Fargo (NYSE:WFC) and other bank stocks lifted ETFs (KBE and KRE) along with American Express (NYSE:AXP) and Berkshire Hathaway with heavy financial holdings (BRK-B).
Economic news Thursday focused once again on Jobless Claims (351K vs 355K expected w/ prior revised higher to 365K). Once again higher revisions have been seen for 18 consecutive months. Naturally, this makes for a better headline. The Empire State Mfg data (21.21 vs 17.50 expected w/ prior 19.53) was positive. The Producer Price Index (.4% vs .5% expected and prior .1%) and let's not even mention the core PPI because it's silly. The Philly Fed report (12.5 vs 11.5 expected and prior 10.2) was deemed bullish and rightfully so. Taken together all this data cheered bulls.