The U.S. stocks are continuing the rally for the 5th day in a row. Last night's good news that came from the Federal Reserve's chairman Ben Bernanke helped to inject hope in the investors as he said that the U.S. economy will turn around this year and the following year will steam the economy.
Here is mid session's stock market snapshot analysis from Chief Market Strategist at Wachovia Securities Alfred Goldman.
Mr. Goldman comments:
Financial stocks are leaders at midsession in a mostly positive day for the stock market. The Dow is higher for the fifth straight day, while the Nasdaq is little changed. The Dow has been up as many as 121 points. The Nasdaq has traded in a range between plus-14 and minus-13. At 12:30 PM Eastern, the Dow was up 1.4%, the S&P 500 was up 1.6%, and the Nasdaq was down 0.1%.
Financial stocks got a boost when Barclay's Plc, the U.K.'s third-largest bank, said it had a strong start to the year. Barclay's gained 67 cents to 5.09. The market also took comfort from a weekend television interview of Federal Reserve Chairman Ben Bernanke. The Fed Chairman said the U.S. recession will probably come to an end this year.
Discover Financial Services rose 43 cents to 6.66 after the credit-card company announced a $1.2 billion cash infusion from the Treasury to boost liquidity. Capital One Financial gained 83 cents to 13.39 after it reported auto loan delinquencies were less than expected in February.
Tech stocks are a drag on the Nasdaq. Flash memory-maker SanDisk 1.10 to 9.93 after an analyst raised concerns over a glut of production. Economic reports were weaker than expected. Factory conditions in the New York state area deteriorated more than forecast, while industrial production slumped in February for the fourth straight month.
The NYSE was nearly 4-1 positive on issues, 6-1 positive on volume. The Nasdaq was 5-3 positive on issues, 16-15 negative on volume. The 10-year Treasury note was down 19/32 to yield 2.96%.
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
