Concerns about European debt played a large part in the stock market's recent swoon, so it was only fitting that the catalysts for today's relief rally should come from overseas. Apparently all China needed to do to bring the bulls out of their month long hibernation was issue a statement. Soothed by China shooting down reports it is contemplating unloading its eurozone bonds, the Dow surged 284.54 points and recaptured the 10000 mark on Thursday, rallying around a huge rebound for the beaten-down European currency.
Meanwhile, a beleaguered member of that all-important economic region also boosted sentiment, with Spain's parliament approving an $18 billion package of austerity measures by a single vote. These critical developments in the global economy were a much-needed shot in the arm for bulls on the home front -- and a weekly decline in U.S. jobless claims didn't hurt Wall Street's mood, either. As a result, stocks recovered from their recent beat-down to roar emphatically higher.
By the time the dust settled, the Dow Jones Industrial Average (DJIA – 10,258.99) had reclaimed the 10,000 level -- and then some. The blue-chip barometer surged 284.54 points, or 2.85%, as 29 of its 30 components climbed the charts. Johnson & Johnson was the sole laggard, while American Express, Intel, and Alcoa racked the biggest gains. However, the Dow's intraday progress was halted near its descending 10-day moving average, which hasn't been surmounted since May 12.
The S&P 500 Index (SPX – 1,103.06) also barreled higher, tacking on 35 points, or 3.3%. In the process, the SPX reclaimed not only its 10-day moving average, but also the round-number 1,100 neighborhood.
Finally, the Nasdaq Composite (COMP – 2,277.68) gained 81.8 points, or 3.7%, to notch the day's biggest percent gain. Like the SPX, the COMP topped off a stellar session by reclaiming a perch above its 10-day trendline. Meanwhile, the CBOE Market Volatility Index (VIX – 29.68) was the day's big loser, dropping 15.3% to end below 30 for the first time since May 13.
CRUDE OILCrude futures bolted higher in step with the equities market today, as a renewed appetite for risk swept over Wall Street. Positive economic developments at home and abroad helped to stoke demand for black gold, with the U.S. dollar trading lower against the euro after China's vote of confidence in the common currency. Traders also kept an eye on forecasts for a brutal hurricane season in the Atlantic, which could impact energy production and supplies. Against this bullish backdrop, crude oil for July delivery added $3.04, or 4.3%, to finish at $74.55 per barrel.
GOLD
GOLDOn the other hand, gold futures ended a three-session winning streak today. The precious metal turned lower as investors gravitated toward higher-risk assets, leaving the popular safe-haven commodity to swallow a modest loss. Gold for June delivery ended the day on a drop of $1.50, or 0.1%, at $1,211.90 per ounce. Meanwhile, the more actively traded August contract gave up 90 cents, or 0.1%, to finish at $1,214.40 per ounce.
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