Seeking Alpha

Stocks extend gains in late trading as markets stabilize

  • Stocks pushed higher in choppy trading, with the S&P 500 bouncing back from its biggest weekly drop since 2012, as markets stabilized after last week's selloff.
  • The jitters that weighed stocks amid worries about the outlook for Fed policy and global credit market woes were largely absent today, and buyers stepped in during afternoon trading; because of consistently light trading volume, any large moves by investors are more likely to swing benchmarks.
  • Sentiment was more relaxed from the start thanks to Portugal's plan to spend €4.9B ($6.6B) to bail out Banco Espirito Santo.
  • The energy sector was an early laggard but surged into the lead after Colorado officials announced the formation of a task force that will result in the removal of anti-fracking initiatives from the November ballot in the state; also, crude oil rose 0.4% to $98.27.
  • Treasury prices rose as rate-hike concerns ebbed, and the 10-year yield fell 1.5 bps on the day at 2.491%.
Comments (1)
  • quabbin
    , contributor
    Comments (125) | Send Message
     
    The beauty of excess reserves.
    4 Aug 2014, 07:04 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs