Markets

Stocks look to extend broad rally

Stocks are up again today after ripping to new highs yesterday.

S&P 500 futures are up by more than 0.2 percent, matching similar gains in Europe. Asian markets rallied 1 percent to 2 percent after yesterday's big move in U.S. exchanges.

The equities market has been advancing as huge amounts of money migrate from cash and as global economic conditions continue to improve. Yesterday's gain of almost 1 percent was driven by strong purchasing managers data in Europe and a better-than-expected U.S. services report in from Institute of Supply Management.

Attention now shifts toward key monthly employment numbers, which start with ADP's private-sector payroll report at 8:15 a.m. today. The Commerce Department will release factory orders at 10 a.m. ET, and the Federal Reserve will issue its Beige Book survey of economic conditions at 2 p.m. ET.

Commodities and foreign exchange are painting a conservative picture. Oil, copper, and agricultural foodstuffs are all modestly lower, while precious metals are trying to bounce. U.S. dollar strength is the main theme in the currency markets, with the euro and Japanese yen both down slightly against the greenback.

In company-specific news, Staples is indicated lower after revenue missed estimates and its full-year guidance came in lower than expected. AeroVironment, which makes drone aircraft for the military, is down sharply after cutting its forecast.

Over the last week, our researchLAB screening tool shows positive momentum in financials, airlines, retail and small caps. Semiconductors are also starting to gain after a long period of underperformance. Miners and ETFs of countries that produce raw materials, such as Peru and Brazil, have lagged.

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

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


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

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