Dow rebounds
July 21st, 2010 by Lawrence Grasso
Wall Street rallied on stronger-than-expected building approvals data and speculation the Fed could stop paying interest rates on excess bank reserves. Dow Jones Industrial average was up 0.7% or 75.53 points to 10229.96, S&P 500 up 1.1% to 1083.48, Nasdaq up 1.1% to 2222.49. All three formed bullish key reversal patterns. After the bell, Apple was up 2.5% on positive results, although Yahoo! is down 6.5% on earnings disappointment.
On the local front today the SFE 200 futures suggest the market will open around 40 points higher. Look for strength in both the Resources sector and Financials, with the potential of a short squeeze coming through on the banks today. Gold showed some strength overnight finishing the session up $9.80 or 0.83% to $1191.70. Oil held its ground and rallied off its lows to finish the session up $0.90 or 1.18% to $77.44. Keep an eye on the oil plays (OSH,WPL) to push higher throughout the session as oil is just starting a move back to around the $85.
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