Markets closed up on Wall Street: DJI +0.67% SP500 +0.71% Nasdaq +0.96% Gold +0.71% Oil -0.27%.
Markets are seeing a broad based drop in volume as spring break vacations have started cycling through school districts across the country. Markets started the day down, then rallied for the entire day.
Today’s markets were up because:
1) They defied the gravity of bad Housing and Consumer Confidence data. Today had everything needed to rationalize a selloff. First, the Case-Shiller Home Price Index was down again and Index Chairman David M. Blitzer said, “The housing market recession is not yet over, and none of the statistics are indicating any form of sustained recovery.” Those words should’ve spooked investors — especially when Consumer Confidence came in weak on worries of higher inflation and lower wages. But hey, it’s spring break, dude!
2) Tech had some bright spots. Telecom continues to attract traders and long term investors as AT&T (NYSE:T) and Verizon (NYSE:VZ) are still running nearly twice their average trading volume. All this comes at the expense of Sprint (NYSE:S) which saw shares get dropped over 3% today. Cloud computing news helped puff up Amazon (NASDAQ:AMZN) while Qualcomm (NASDAQ:QCOM), Oracle (NASDAQ:ORCL), and Cisco also lead the Nasdaq (NASDAQ:QQQ) higher. Don’t Miss: The Huge Problem with Cloud Computing.
3) Oil Service companies (NYSE:OIH) continued yesterday’s rally. The Middle Eastern war trade is coming back in vogue as Halliburton (NYSE:HAL) and Schlumberger (NYSE:SLB) are entering portfolios. The drillers followed suit today with gains for Rowan Companies, Inc. (NYSE:RDC), Pride International, Inc. (NYSE:PDE), and Transocean (NYSE:RIG).
Now that you’re in the know, time to get back to the beach.