Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Big Rally on Holiday-Shortened Trading Day

By

Today's financial recap and tomorrow's financial outlook.

PrintPRINT
MINYANVILLE ORIGINAL It was a holiday-shortened day with markets closing at 1 p.m. EST, but the rally in US stocks still had the voracity of a normal day. The S&P 500 opened strong and continued to rally throughout the day despite the fact that NYSE volume was at about half the normal amount. Much of this rally was due to the EUR/USD rally over the past two days from 1.2831 to 1.2983 at the end of the US session, backed by progress in Europe.

It was hard not to overthink the action in US stocks today because volume was light. Many European leaders had positive things to say about the impending EU budget deal, although Germany and the UK were not optimistic. When it came to a deal over Greece and its large debt burden, European leaders were more optimistic, but a solid plan has not been put forward yet. Eurozone finance ministers will meet on Monday to hopefully iron out a final deal.

Research In Motion (NASDAQ:RIMM) soared after estimates on shipments for new devices supporting the BB10 software system were raised. RIM's stock had fallen 60% this year before finding support in late September. Since then, coupled with the launch of the new BB10 platform, the stock has rallied 80% to a closing price of $11.66.

Tomorrow's Financial Outlook

Monday will be a lighter day in economic data as earnings begin to slow down in the US. The Chicago Fed National Activity Index will be reported in the morning; there is no economist estimates for this figure as it is of little importance. The Dallas Fed manufacturing index will be reported later in the morning. Economist estimates call for a slight increase from 1.8 last month to 2.0. Any reading over 0 indicates increase.

Globally, the Bank of Japan will release the minutes from its October monetary policy meeting. At this meeting, the central bank decided to increase its asset purchase and credit programs.

The only earnings report will be Berry Plastics (NYSE:BERY).

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.

< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE