The major averages zoomed higher on Thursday, allowing the S&P 500 (+1.0%) to reclaim its loss from yesterday and then some. The benchmark index erased the remainder of its decline from January while the Dow (+1.2%) and Russell 2000 (+1.3%) outperformed.
The market made the bulk of their advance during the opening hour and spent the rest of the trading day in narrow ranges near their highs. The opening spike took place after investors realized that yesterday’s ECB decision to lift a waiver that allowed for the acceptance of Greek government bonds as collateral was political at its core. For the time being, Greek banks are still allowed to turn to the Bank of Greece, which in turn has access to funds from the European Central Bank.
The energy sector received a helping hand from crude oil, which followed yesterday’s 9.3% plunge with a 4.2% spike to $50.47.
The Dow, Russell and S&P all broke out and above there downtrends today. Not yet for the Nazzy, but it looks good.
TWTR is higher by $5 after hours and YELP is lower after hours on a bad report.
I have no new additions tonight, but some stocks that I have my eye on include:
ARRY, AMBA, RDUS, and a few others. Some stocks are setting up again.
See you in the morning.