Top 3 Reasons Markets Were Up Big Despite Gloomy Headlines
Markets closed up on Wall Street: Dow +1.03%, S&P +1.26%, Nasdaq +1.48%, Crude +2.12%, Gold +0.68%.
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Today’s markets were up because:
1) Retail sales shocked the doom-and-gloomers. Funny thing about the uber-bears is they are spot about consumers when Oil (NYSE:USO) spikes, but they always forget to adjust expectations when the facts change. Today retail shorts melted first when Best Buy (NYSE:BBY) announced strong earnings and then when the Commerce Department showed retail sales grew 0.3% (ex-food and gas).
2) Surprise! China is still growing. A ton of the recent selling has been on the playbook that slowing growth in China (NYSE:FXI) will drag down the world economy. Well, at least the Chinese government says China is growing just fine. That was the main catalyst for stocks to pop today as global shorts unwound enough shares to accommodate China’s data.
3) Solar stocks were on fire. Google (NASDAQ:GOOG) threw down some big support to SolarCity to help boost growth in residential solar power (NYSE:TAN). Check Out: Here’s Why Solar Stocks are On Fire Now.