U.S. stocks gained ground for a second day on Wednesday, and if not for Monday’s fractional decline the broad market’s re-rally would be two weeks in length. As a result, the S&P 500 has inched closer to the 15-month high hit on January 19.
The tech-laden NASDAQ Composite led the way. Mid and small-cap indices also out-performed the broad market. Shares of Travelers, Chevron and 3M weighed on the Dow Industrial Average, which lagged the other major indices -- a big day from Boeing (added 17 Dow points) kept the index in positive territory.
Financials, tech and energy were the leaders for the session – although as mentioned above Chevron didn’t follow other energy names. Telecom, consumer staples and basic material shares were the three of the 10 major sectors that closed lower on the day.
On the sovereign debt problems over in Europe, former European Commission President Romano Prodi stated: “For Greece the problem is completely over. I do not see any other case now in Europe.” I don’t think comment on those remarks is necessary.
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Thursday, March 11, 2010
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