Posted By RichC on June 15, 2010
After dipping below the 10,000 mark for early June, the Dow Jones Industrial Average soared 213.88 points, or 2.10%, to 10404.77 today breaking out of the closely watched 200-day moving average. The S&P 500 was also up 2.35% seeing every sector moving in the up direction. The biggest gains 2.76% were over at the Nasdaq, where positive earnings from Best Buy citing notebook computer sales were strong. Unfortunately the good news for the overall market wasn’t good enough news for Best Buy shareholders as trader expectations were for even better sales, hence BBY shares tumbled 6.1% to 38.56. There’s a good reason the trader saying, “buy on the rumor and sell on the news.” (POLL BELOW or on TwtPoll)
For the year, the S&P has inched into positive territory by 0.13 point, whereas the Dow moved to within 24 points of its 2009 year end finish. For those long in the market, we need the recession to confidently be over … is it?