S&P pushes over resistance. Last week, I noted that 85 percent of company's reporting were beating earnings estimates. And yet, the S&P stalled out at about 1185 as we moved into earnings season.
Today, it has finally moved over that resistance level—thanks to the G20, which has essentially given the green light for the dollar to drop further. That, predictably, has lit another modest fire under commodity names (materials and energy), which are the leading sectors in the S&P 500.
New highs are once again expanding. There are 208 new highs at the NYSE this morning, the second best showing since April.
Also helping: a better-than-expected gain in September existing home sales.
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