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Minyanville's Market Recap: Broad-Based Rally In The Markets

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Markets surged with a broad-based rally. OPEC increased output, yet crude reaches all-time high.

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Stocks rallied today with all major indexes closing up over 1%. The Dow added 1.3% to finish at 13,308, the S&P 500 added 1.3% to 1471, and the Nasdaq Composite gained 1.4% to close at 1,988.

The rally was broad based with the typical added push in the last hours of the trading day. Gains were experienced in all ten economic sectors each adding over 1%. (From Briefing.com)

All eyes were watching Fed Chairman Ben Bernanke earlier this morning as he gave a speech in Berlin. Despite the attention, Chairman Bernanke gave no indication of a rate cut for the Fed's September 18th meeting. Please read Professor Depew's Five Things You Need To Know for more analysis on Chairman Bernanke's speech. In addition please review our stance on the Fed's actions with our package Ben In A Box on our Economy Page.

Crude Oil surged to an all-time high even as OPEC met today voting for an increase in oil production by 500,000 barrels per day. The sentiment was shared with all commodities as front month futures for gold and silver surged over 1%. Copper gained 3.8%. Please read Professor Shedlock's Double Standard In Gold Hedging? for more insight into the commodities space.

Late in the day, Countrywide Financial (CFC) made headlines as Dow Jones reported the company was taking decisive steps to address its funding needs. Toddo mentioned the importance of CFC in his Random Thoughts from yesterday.

In other news, McDonald's (MCD) stock surged over 3%. Professor Macke mentioned this on the buzz as being "one of the best managed companies on Earth" due to its ability to manage the stock as well as franchisees.

In economic data, the country's trade balance came in a little greater than expected at -$59.2 bln vs. -$59.0 bln cons. The prior figure was revised to -$59.4 bln from -$58.1 bln.

Below is a recap of the idea flow on today's Buzz and Banter. Please note that stocks may appear on both bullish and bearish categories due to long and short term trades by our many Minyanville professors.

Some bullish trade or investment ideas: HOKU, ASTI, MA, SPX, MRVL, BRCM, NSM, CGV, YG, BX, JAVA, DECK, TTWO, ATVI, XLNX, MCD

Some bearish trade or investment ideas: NCM, FMD, AAPL, SPX, DNA, DXY, MAT

Please click on our Buzz Bits for more summaries of what happened real-time on the Buzz.

Rest up, Minyans. We'll see you bright and early tomorrow as it's Hoofy and Boo Wednesday and they'll have a great new video for you. Have a good night!
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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.

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