Monday was definitely a day for the bulls, with so many positive news items and reports presented, which boosted the major market indexes into the black.
The main items of positive influence on the markets are listed below:-
• The EU countries have finally agreed to a bailout package for Greece which comes to a total, at this stage, of 110 billion euro (US$146 billion).
• United Airlines parent UAL Corp. (UAUA) announced an all-stock deal to buy Continental Airlines (CAL), which is providing incentive to investors that the economy is definitely improving.
• The Institute for Supply Management (ISM) said the manufacturing sector expanded at the fastest pace in six years in April.
• Also, the Commerce Department estimated that domestic consumer spending jumped to a record high in March.
With this type of news, investors were out in droves, which is obvious looking at the end results, for the day, of the major three indexes.
The Dow Jones Industrial Average (DJIA – 11,151.83) had an excellent earnings day, with a gain of 143.1 points, or 1.3%. The S&P 500 Index (SPX – 1,202.26) also had a good gain, for the day, of 15.6 points, or 1.3%, whilst the Nasdaq Composite (COMP – 2,498.74) also fared well for the day, ending with a gain of 37.6 points, or 1.5%.
Notes of Interest….
• The Dow Jones Industrial Average (DJIA) finished its best session since February, and also reclaimed its hold on the support at its 10-day and 20-day moving averages.
• The S&P 500 Index (SPX) has now moved above its psychological level of 1,200 again.
• The Nasdaq Composite (COMP) has still not been able to reclaim its 2,500 again.
• Due to the increase in the U.S. dollar and the continued oil-spill in the Gulf of Mexico, crude oil for June delivery only added 4 cents, or 0.05%, to settle at $86.19 per barrel.
• This trended against the equities due to investors perceiving a positive sign for fuel demand as well as the oil spill in the Gulf giving a boost to home supplies.
• June-dated gold futures finished $2.60, or 0.2%, ahead at $1,183.80 an ounce, as investors are still using this as a safe-haven due to belated concerns surrounding the EU bailout package and its future impact.
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