Stocks rallied to their highest closes since November Monday following encouraging economic reports from the U.S. and abroad and following news that auto sales got a boost from the "Cash for Clunkers" program.
Stocks rallied Monday after a pair of encouraging reports on the manufacturing sector, plus strong bank earnings out of Europe and expectations for strong auto sales. The S&P briefly topped 1,000, a level it hasn't seen since November.
Stocks got a quick pop at the open Monday after some strong bank earnings out of Europe and expectations that auto sales will show a boost from the "Cash for Clunkers" program. But the rally quickly fizzled.
Stock index futures indicated a strong opening for Wall Street Monday, helped by European markets that hit a broader-index high for the year on better-than-expected bank earnings.
Markets have been hanging on the October employment report, expected to show a drop of 175,000 nonfarm payrolls when it is released on Friday.... Read More