Stocks rallied nearly 3 percent on Tuesday as investors bought surging banks, homebuilders and networking companies, though low volume was seen as amplifying the market's move.
Investors jumped on a banking sector that was already riding high, extending gains after the U.S. Federal Reserve released new capital proposals that turned out to be less onerous than the market feared.
The Dow Jones industrial average .DJI was up 335.73 points, or 2.87 percent, at 12,103.58. The Standard & Poor's 500 Index .SPX was up 35.95 points, or 2.98 percent, at 1,241.30. The Nasdaq Composite Index .IXIC was up 80.59 points, or 3.19 percent, at 2,603.73.
About 6.83 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's daily average of 8.47 billion. (commentary & photo courtesy of Reuters)
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RSI made one buy recommendation today:
- Buy 179 shares iShares S&P Global Healthcare (IXJ); Volatility = 4.04%
As a side note, this fund pay slightly over 2% yield and its volume isn’t very large, but not thin. IXJ has made a good comeback since its fall that ended in early August 2011. It has been outperforming the market since early November and lately the Acc/Dist (the lower magenta line) has been weak. Before I would consider this fund, I want to see better money flow into IXJ.
Catch you later.
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