Stocks See Sharp Rally As Fears Ease
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U.S stocks rose three percent today, benefiting from a rebound in Europe and a denial from China's that it is selling some of its Euro-bond holdings.
The Dow closed up 285 points and has re-taken the 10,000 level - currently at 10,259. The Nasdaq closed up 82 points, and is now back positive on the year. The S&P 500 was up 35 points, to 1,103.
European stocks rallied sharply today as bargain hunters pick-up beaten up names and nerves calmed about the debt crisis after Spain approved additional budget cuts. The FTSE 100, DAX and the CAC 40 all rose over three percent today.
A weaker-than-expected U.S. Q1 GDP number did not dampen optimism. The Commerce Department reported that the gross domestic product grew at a 3 percent annual rate during the January to March period, down from the initial estimate of 3.2 percent that was announced a month ago. Economists had expected a more robust showing of growth at a rate of 3.4 percent.
After weeks of selling pressure, BP (NYSE: BP) rose 7 percent today as indications suggest the "top kill" procedure was effective in stopping the gushing Gulf oil well.
Microsoft (Nasdaq: MSFT) rose 4 percent today on an upgrade, helping all of the major indices.
Financial stocks were also strong today. Citigroup (NYSE: C) rose 4% after Bill Ackman said he bought 150 million shares.
The Dow closed up 285 points and has re-taken the 10,000 level - currently at 10,259. The Nasdaq closed up 82 points, and is now back positive on the year. The S&P 500 was up 35 points, to 1,103.
European stocks rallied sharply today as bargain hunters pick-up beaten up names and nerves calmed about the debt crisis after Spain approved additional budget cuts. The FTSE 100, DAX and the CAC 40 all rose over three percent today.
A weaker-than-expected U.S. Q1 GDP number did not dampen optimism. The Commerce Department reported that the gross domestic product grew at a 3 percent annual rate during the January to March period, down from the initial estimate of 3.2 percent that was announced a month ago. Economists had expected a more robust showing of growth at a rate of 3.4 percent.
After weeks of selling pressure, BP (NYSE: BP) rose 7 percent today as indications suggest the "top kill" procedure was effective in stopping the gushing Gulf oil well.
Microsoft (Nasdaq: MSFT) rose 4 percent today on an upgrade, helping all of the major indices.
Financial stocks were also strong today. Citigroup (NYSE: C) rose 4% after Bill Ackman said he bought 150 million shares.
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