Markets closed higher on Wall Street: DJI +1.06% SP500 +1.11% Nasdaq +1.3% Gold +0.06%
The markets were up today because:
- BHP Billiton Ltd. (BHP) made an unsolicited $38.6 billion bid for the world’s largest fertilizer maker Potash Corp. of Saskatchewan Inc. (POT). Potash rejected the “low” bid, sparking bullish speculation of a bidding war over natural resources related to growing demand for food in emerging markets. POT shares ended the day up 27%. See what WSCS Pro Trader Elliot Turner has to say about the POT announcement and fertilizer space >
- Walmart (WMT) and Home Depot (HD) beat earnings and raised full-year forecasts. Bulls pointed to the data as proof the consumer has not (yet) collapsed. WMT shares jumped 1.21% while HD shares jumped 3.4%. WSCS Analyst Carolyn Austin says HD earnings were “Short of a Home Run, but a Solid Hit” >
- PIIGS nations Ireland and Spain had good debt auctions. The demand for debt proves the apocalypse scenario is not unfolding at Godspeed. Check out our Global Investor Premium newsletter for valuable insights into the global economy >
- US manufacturing activity in July grew at the fastest pace in almost a year. Although most economic data is weak, bulls waved this report around like flags on the 4th of July.
- Shorts got squeezed after getting greedy amidst a 5-day losing streak for the major indices. Let’s see if more traders take profits and buy back positions tomorrow.