A Broad And Deep Rally: Here's Why
Steady as she goes! Stocks retained their early gains and closed at the highs for the day. We had over 100 new highs at the NYSE, the highest numbers since November. Dow, S&P again approaching break-out range.
The rally was broad and deep. There were several motivating factors:
--Techs up on Intel .
--Financials up on in-line bank earnings fromJP Morgan, Washington Mutual .
--Material stocks like metals and mining, steel, agricultural stocks up on continuing commodity surge;
--Transports: 8 month highs (up 4.1 percent) on a terrific report fromCSX. Railroads hit new highs across the board
Lagging: defensive stocks like Coke (despite good earnings),Altria ,P&G .
IBM closes at a new high; lots of bulls expecting earnings to be ok after the bell.
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