U.S. stocks rose Wednesday as a potential agreement out of Slovakia on the European Financial Stability Facility (EFSF) expansion gave a boost to global markets.
So far this month, the NASDAQ is up 8 percent, while the S&P 500 and Dow are up 7 percent and 6 percent, respectively. All three major averages have not been able to post a monthly gain since April.
Volatility is also off its highs, with the VIX trading at around 30, or its lowest level since early August.
Hopeful Technical Signs
With today's gains, stocks are now pushing the upper end of their recent trading range -- the S&P 500 is trading at the highest level since September 20.
On Monday this week, the S&P 500 closed above its 50-day moving average for the first time since late July and all 10 S&P sectors are currently trading above their 50-day moving average.
In fact, the S&P tech and consumer discretionary sectors have even pushed above their 200-day moving averages, joining consumer staples and utilities, which had already been above that threshold.