Seeking Alpha

Afternoon rally pushes stocks higher, Nasdaq up for the week

  • Stocks closed in positive territory after an afternoon push, ending two days of sharp declines, but the Dow and S&P 500 still ended lower for the week.
  • There was no specific news catalyst behind the late surge, but the move could have been related to options expiration activity or short-covering.
  • Whatever the reason, the Russell 2000 index of small-caps fought back from an early slide back into correction territory early but found late buying support to finish 0.6% higher.
  • Among key S&P sectors, techs and financials turned around in the final hour to post gains, and telecom services jumped 1.4% thanks primarily to a good day for Verizon (+2.3%).
  • Treasurys fell late as equities rose; the benchmark 10-year note, which had been down four ticks for most of the day, was down nine ticks and yielding 2.52% when the closing bell rang.
Comments (3)
  • ceristeare
    , contributor
    Comments (135) | Send Message
    heh no comments
    16 May, 09:47 PM Reply Like
  • al roman
    , contributor
    Comments (4613) | Send Message
    The feasibility to raise rates is the key to our future market.
    With the pressure brought to bear on the fundamental neccesities compliance issues i do not see how in the near to moderate future.
    17 May, 09:10 AM Reply Like
  • ptnyc
    , contributor
    Comments (49) | Send Message
    May option expiration + QE + buy the dips. We will likely rise into new highs for the Memorial Day weekend.
    17 May, 10:23 AM Reply Like
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