WALL STREET : Bulls Claim Best Day Of Year 2011

Stocks Soar on Earnings, Housing
Rays of Hope on Capitol Hill
The bullish stars seemed to align today, with Wall Street celebrating a batch of blue-chip earnings, solid economic data, and progress on Capitol Hill. Right out of the gate, well-received earnings reports from IBM Corp. (IBM) and Coca-Cola (KO) helped the Dow Jones Industrial Average (DJIA) to a triple-digit surplus, overshadowing a flood of earnings flops from the financial sector. Elsewhere, a stronger-than-expected housing report only added to the bullish momentum, as did an afternoon news conference from Washington, D.C. Specifically, President Obama said Congress is one step closer to upping the U.S. debt ceiling, and sang the praises of a new debt-reduction plan from the Senate's bipartisan "Gang of Six." Against this bullish backdrop, all three major market indexes settled comfortably in the black, with the Dow notching its best session of the year.

The Dow Jones Industrial Average (DJIA – 12,587.42) ended near an intraday peak, adding 202.3 points, or 1.6%, by the bell. As such, the blue-chip barometer reclaimed a perch atop both its 10-day moving average and the 12,500 level, but couldn't muster enough steam to conquer the 12,600 marker. Among the Dow's components, only Bank of America (BAC), Johnson & Johnson (JNJ), and 3M Company (MMM) bucked the trend higher, while IBM paced the 27 advancing equities with a gain of 5.7%.

In similar fashion, the S&P 500 Index (SPX – 1,326.73) tacked on a healthy 21.3 points, or 1.6%, to end north of its own 10-day trendline for the first time since July 8. Finally, thanks to some earnings-related optimism in the tech sector, the Nasdaq Composite (COMP – 2,826.52) bested its peers with a gain of 61.4 points, or 2.2%. What's more, the tech-rich COMP muscled back atop the round-number 2,800 level for the first time in more than a week.

Crude Oil Rebound 1.6% On Weaker Greenback
Crude futures bounced back today, as stronger-than-expected housing data revived hopes for oil demand. Furthermore, the greenback lost ground against most of its counterparts, whetting foreign-currency holders' appetite for the dollar-based commodity. Against this backdrop, crude oil for August delivery advanced $1.57, or 1.6%, to finish at $97.50 per barrel.

HAPPY TRADING