The Asian markets were mixed, HK -1.36%, Shanghai -1.26% and Japan +0.90%. Chinese Industrial Profits for Jan-Fed rose 10.2 from a negative reading last year end. Xi shook hands with dozens of U S executives.
European markets were up, Euro STOXX +0.35% and DAX +50%. An EU economic sentiment survey improved to 96.3 from 95.4.
In the U S, there no key reports. Tomorrow is loaded.
S&P 500 +44.91, +0.86% to 5,248.49.
The 5,231 opening led to a decline to 5,220 by 10 AM. The market churned sideways into 2 PM. After a bounce to 5,230, it rolled down to 5,2019. The last 45 minuted was a 90 degree angle up to a close at 5,248.
It started as a sluggish day. Traders were waiting for Godot, pension fund sellers. There has been late sell offs for several days. When the close neared, there was no programmed selling and buys scrambled to buy.
The market is going into a broadening. A rising markets gives marginal investors the courage to get in the pool. This showed up today with the growth indices lagging.
The DJT gained 14% to 66. It was 40 last week with Barron's writing a story of value of around 15. Shorts loaded up and got massacred. It i hard to find stock to short and it is extremely costly to borrow. The meme game is on.
The category of the most shorted stocks jumped over 4% in a squeeze up.
Merck announced a new product and rose 5%. CNTA was up 8%. It has been an extraordinary company over the years.
The DJIA rose 1.22%, The NASDAQ gained 0.51% and the QQQ 0.34%. The IWM led, +2.13%.
WTI edged down $0.27 to 81.35. The inventory report was better than feared. It recovered much of early losses. The stocks liked it, the XOP +1.6% and the XLE +0.9%.
The 10 yr T bond rate slipped 4.0 bps to 4.194%. There was a 7 yr auction given an A+ by an analyst. The KBWB loved it, +2.4%. The XLU jumped 2.8%. It is an AI play on all of the power grid need for data centers.
The VIX fell to 12.78, -3.5%. The advances surged, the NYSE 4.65 to 1 and the NASDAQ 2.9 to 1. Volume was average.
Tomorrow is the last day of the quarter. The pension selling has been absorbed by buyers stepping up!!! It is the last day of the trading for the quarter!!!
Blub
Jerry