Quick Recap of Monday’s Session:
Stocks finished higher on Tuesday in a relatively volatile session of trading. Major indices started the day higher following a successful T-Bill auction in Spain and better than expected earnings from Goldman Sachs. However, stocks sold off in early trading after Ben Bernanke failed to give any hint of QE3 during his prepared testimony before the Senate Banking Committee. He did say, however, that the economic activity appears to have decelerated somewhat, which leaves further easing on the table in the future. Stocks would mount an impressive rally following the morning selloff and run throughout the day, finishing near their intraday highs. All major indices finished in positive territory.
S&P 500 +0.74%, NASDAQ +0.45%, DJIA +0.62%, Midcaps +0.56%.
Looking Ahead to Wednesday:
- Overnight we get Unemployment Data from the UK, Construction Output from the Eurozone, and Current Account from Italy.
- Here in the U.S. we get a few pieces of data before the bell – MBA Mortgage Purchase Applications, Housing Starts, and Building Permits.
- Also before the bell is a high profile earnings announcement from Bank of America.
- While Tuesday was light on headlines, the action was all over the place. The bulls ended up taking this one in a convincing fashion, though we’ve seen this can change day-to-day. Wednesday looks to be relatively lax at this point in time, though a significantly bad or good earnings announcement from Bank of America could shake things up early.
S&P 500 - Intraday
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