Top 3 Reasons Markets Were Feeling March Madness
Markets closed up on Wall Street: DJI +0.7% SP500 +0.93% Nasdaq +1.41% Gold -0.22% Oil –0.48%.
Today’s market rose again.
Today’s markets were up because:
1) Tech Titans Carried the Markets. Red Hat’s (NYSE:RHT) earnings set the tone and an upgrade for Amazon (NASDAQ:AMZN) pushed the Nasdaq (NASDAQ:QQQQ) to the head of the pack. After-hours Oracle (NASDAQ:ORCL) beat by $0.04 and the stock is up after-hours. For more details, check out These 5 Tech Stocks are Today’s Titans.
2) Markets cheered decent initial jobless claims, ignored poor durable goods number, and bought stocks. Initial jobless claims are holding below the widely-watched 400,000 mark. However, durable goods came in on the weak side, making some analysts take notice … for a few minutes before getting back to buying hot stocks such as drugstore.com (NASDAQ:DSCM) and NVIDIA Corporation (NASDAQ:NVDA).
3) Commodities took a breather. Although Oil (NYSE:USO) started out scorching to $106.50, traders all hit the “take profits” button at the same time and the market cooled the remainder of the day. Gold (NYSE:GLD) and Silver (NYSE:SLV) also started strong and must’ve had a high-carb lunch because they drifted lower from 1PM until close. If you haven’t already read my new exclusive interview with Jim Rogers, check it out.
Now that you’re in the know, time to get back to a night full of the exciting NCAA Men’s Basketball Tournament!