Top 3 Reasons Markets are Dancing with the Stars
Markets closed up on Wall Street: DJI +0.58% SP500 +0.67% Nasdaq +0.72% Gold +0.44% Oil -0.51%.
Markets opened higher and never looked back. Word on Wall Street is money managers are adding some window dressing to their portfolios as the quarter comes to an end. Trading volume also indicates some of those fiduciaries are already on Spring Break.
Today’s markets were up because:
1) Private Payrolls kept investors happy until Friday. If it’s all about reducing the unemployment rate, today’s ADP number says we added 201,000 new private jobs to the economy. That’s reasonable news until we get the BLS unemployment number on Friday.
2) Vehicles drove the markets. After shares of Toyota Motor (NYSE:TM) and Honda Motor (NYSE:HMC) got smashed at the start of the disaster in Japan (NYSE:EWJ), the companies popped 1.5% and 1.9% today, respectively. Truck maker PACCAR Inc (NASDAQ:PCAR) drove higher to the tune of 3.1%. Carmakers General Motors (NYSE:GM) and Tata Motors (NYSE:TTM) also had great days. If you prefer bikes, Harley-Davidson, Inc. (NYSE:HOG) revved higher 2.25%. The lone laggard was Ford (NYSE:F) with a relatively measly increase of .13%
3) Basic Materials (NYSE:XLB) inflated. Silver Wheaton Corp. (NYSE:SLW) followed Silver (NYSE:SLV) higher, while Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) was led by Gold (NYSE:GLD). Mining giants BHP Billiton Limited (NYSE:BHP) and Rio Tinto (NYSE:RIO) also dug out gains of 1.75% and 2%, respectively. If you blame the Federal Reserve for inflation, read how This Fed Governor ADMITS the Federal Reserve is Anti-Capitalistic.
Now that you’re in the know, maybe you too can dance like the stars.