Stocks up, reversing early losses


Stocks have reversed early losses and are climbing again after Russia moved to annex Crimea this morning.

S&P 500 futures had been down modestly before the announcement but rose about 0.5 percent on the news from Moscow, which suggests that a resolution of the recent crisis may be near. Europe also reversed course and is up by about 1 percent. Asia was mostly higher overnight, led by a gain of almost 1 percent in Tokyo.

The S&P 500 climbed almost 1 percent yesterday, rebounding after tensions in Ukraine abated. Attention now turns toward economic and company news: housing starts and building permits at 8:30 a.m. ET, Oracle and Adobe earnings tonight, FedEx results tomorrow morning and the Federal Reserve's interest-rate decision tomorrow afternoon.

Stocks have been steadily advancing for more than a year, fueled by an improving economy, low interest rates, and large amounts of cash on the sidelines. While the buying has been spread across all major sectors, our researchLAB analysis tool shows strength in video-game makers, drugstores, oil refiners, and energy-fracking companies.

Gold and silver miners, which rallied strongly off long-term lows, appear to be losing momentum as precious metals weaken.

In company-specific news, drug developer Prosensa is surging 25 percent after announcing positive Phase II data on its compound for the treatment of a Duchenne Muscular Dystrophy, a potentially fatal genetic disease. Hertz Global and Yingli Green Energy may also be active with quarterly results due today.

Commodities reflect a positive sentiment as economically sensitive products such as oil, copper, and grains advance. Safe-haven gold and silver are down about 1 percent. Currencies also paint a bullish picture, with the euro and Australian dollar modestly higher while the Japanese yen surrenders early gains.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ, Inc.

Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.

This article appears in: Investing , Options

Referenced Stocks: SPX



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