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Market recap: Stocks rallied sharply into the close on optimism that Europe is moving in the...

Market recap: Stocks rallied sharply into the close on optimism that Europe is moving in the right direction, a positive ADP jobs report, and some intriguing tech takeover talk (I, II, III). Materials and energy stocks led gainers, as the price of crude jumped 5.3% and other commodities surged. Financials were a drag, weighed by real estate companies. NYSE advancers led decliners two to one.
Comments (4)
  • Crude may have jumped 5.3% but how about Solar, As soon as some shorts fall off the stock goes through the roof even after dimwitted citigroup downgrades them almost across the board.
    5 Oct 2011, 04:23 PM Reply Like
  • If the economy isn't dead then you'd figure the oversold cyclicals would pass the safety stocks (consumers and utes). Techs and oils are purely technical bets. Fundamentals usually trump technicals. Here's our view. http://bit.ly/ol9azz
    5 Oct 2011, 04:28 PM Reply Like
  • "Stocks rallied sharply into the close on optimism that Europe is moving in the right direction"

     

    Really? That's why they rallied?

     

    If that is what is driving the markets is it any wonder that people think the markets are a crapshoot.

     

    Algos, HFT, short squeeze, robots, and monkeys banging on keyboards are more like it.
    5 Oct 2011, 05:16 PM Reply Like
  • Europe is moving in the right direction...which direction is that? When did bailing out everyone mean a good thing? It imposes huge losses for taxpayers because lets be honest can't we see what happens when entities fail and require bailing out?

     

    Positive ADP report...as far as I know, people don't care much about ADP. Even the the Bloomberg economic calendar has a yellow star next to it suggesting "useless information". So somehow this was catalyst for a rally...hilarious.

     

    Tech acquisitions...we are talking about buying up all the failed companies. Ask HP how Palm tastes after dropping 1B on a failed technology.

     

    Oil rallies 5%....on what? Dollar weakness? Oh yes sure, that would make sure, but I'm sure we are all sensing recession around the corner. Shouldn't reduced demand dominate...instead of a ridiculous 5% rally...on nothing?
    5 Oct 2011, 07:35 PM Reply Like
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