Investors looking for reassurances about the health of the global economy received just that Monday.
Stocks extended their rally into a third week after global regulators agreed to new rules for how much money banks must hold in reserves, China reported its economy remains robust and companies announced a flurry of new takeovers.
The Dow Jones industrial average rose 81 points for its eighth gain in the past nine days. The Dow did close off its high after some traders pulled money out of retail stocks ahead of the government’s monthly retail sales report due out Tuesday, but overall sentiment remained positive, pushing major indexes to their highest closes in more than a month.
Well, as we said in the morning newsletter it would be important for the markets to keep their gains after breaking early resistance, and they did. This has been a very strong market lately, and our strategies are paying off each and every day.
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