Wednesday’s 500-point surge came on strong breadth and volume. This suggests higher prices and increases the odds of a year-end melt up. That is, until you consider what happened the last time stocks soared on high volume.
Archive for December 2nd, 2011
Banks Ponder Scenarios if Countries Drop Euro Wall Street banks are predicting severe pain for the euro if Europe’s 12-year-old currency union breaks apart.
Stocks ended flat on Friday but capped the best week for Wall Street bulls in almost three years after data showed the U.S. unemployment rate dropped to a 2-1/2 year low.
Zynga Inc is seeking a more modest valuation than Wall Street expected for its initial public offering, hoping to attract investors after a series of Internet stocks fell below their IPO price in recent weeks.
The best week for the stock market in more than two years ended with major indexes nearly unchanged Friday. A surprise drop in the U.S. unemployment rate sent stocks higher in early trading, but the gains fizzled throughout the afternoon.
Morgan Stanley and Citigroup rallied on Friday, helping financial stocks to fight off selling pressure that dragged the broader market in to negative territory near the closing bell.
U.S. stocks finish lower, with gains in the Dow and S&P 500 Index fading out at the close, but the Dow industrials still scored its biggest weekly point jump in three years.
Stocks erased most of their earlier gains to finish near the flatline in thin trading Friday, as investors booked profits ahead of the weekend following a robust rally all week. Still, all three major averages posted an impressive gain of over 7 percent for the week.