Top 3 Reasons Markets were Up Ahead of the Masters
Markets closed up on Wall Street: DJI +0.27% SP500 +0.22% Nasdaq +0.31% Gold +0.41% Oil +0.26%.
Markets finally got a small amount of mojo after two boring flat sessions. Portugal is reportedly seeking a bailout from the EU (surprise!), the European Central Bank has to decide what to do with interest rates, and we are now 2-days away from a government shutdown. Gold (NYSE:GLD) and Silver (NYSE:SLV) had a nice day and Oil (NYSE:USO) broke $109 a barrel. (See “Gold Bugs, Unite!“)
Today’s markets were up because:
1) Sellers couldn’t control an otherwise quiet day. If you believe in technical analysis, the path of least resistance continues to be up for stocks.
2) Financials (NYSE:XLF) rallied all day. Citigroup (NYSE:C) caught an analyst upgrade yesterday which allowed the rest of the big banks — Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), and Wells Fargo (NYSE:WFC) to rise on continued hope the worst is behind us.
3) Tech pulled some weight. Cisco Systems (NASDAQ:CSCO) CEO John Chambers finally said something about the stocks sink into the black hole. Investors must think things have reached rock bottom. Hewlett-Packard (NYSE:HPQ) and Dell (NASDAQ:DELL) followed suit rising over 2%.
Now that you’re in the know, enjoy the Masters tomorrow!