Stocks finished higher on Thursday for the third consecutive session. Major indices were boosted early on following relaxed capital requirements for banks in China, a pickup in sentiment surrounding Europe, and positive earnings reports from Bank of America and Morgan Stanley.
A near four-year low in jobless claims and successful bond auctions in Europe boosted sentiment early on and gave the bulls good reason to push higher.
A lower than expected Philly Fed Index reading gave stocks a scare in early trading, but the bulls were able to stabilize the session and protect gains after Wednesday’s breakout.
While the market is overbought and a pullback is expected, continually positive sentiment has been the key this week. Better than expected earnings from Intel, IBM, and Microsoft should help stocks continue their upward push on Friday.
We will see if the conclusion of the Greek bondholders meeting will change the current course, as it is expected to finish before the week’s end. The current trend higher has proven significant, and could continue should the results out of Europe meet or exceed expectations.
Close Recap: S&P 500 +0.49%, NASDAQ +0.67%, DJIA +0.36%, Midcaps +0.77%.
Have a pleasant evening.
S&P 500 - Intraday
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