WALL STREET : DJIA Soars 322 Points on Pre-Speech Optimism

1 more push for the bulls would create
MACD bullish cross to challenge the
FBR 38.2% @ 11420

Relentless Rally : Traders Unshaken By Quake, Economy
Nasdaq Jump Triple Digits
U.S. stocks picked up steam as the session progressed, as not even news of a 5.9-magnitude earthquake along the East Coast could deter the bulls. Encouraging data from overseas got the proverbial ball rolling this morning, as investors celebrated solid manufacturing data from both China and Europe. In addition, buyers continued to pile on ahead of Federal Reserve Chairman Ben Bernanke's highly anticipated end-of-week speech, where some economists are expecting the central banker to unveil another round of quantitative easing. Against this optimistic backdrop, a dose of dismal housing data was put on the proverbial back burner, with the Dow Jones Industrial Average (DJIA) notching a gain of more than 300 points by the close.

The Dow Jones Industrial Average (DJIA – 11,176.76) extended its lead in afternoon trading, adding 322.1 points, or nearly 3%, to end just shy of its session high. As such, the blue-chip barometer settled atop both its 10-day moving average and the 11,000 level for the first session in four. Digging deeper, we find that 29 of the Dow's 30 blue chips finished in the black, with Chevron (CVX) and Exxon Mobil (XOM) pacing the advancing equities with gains of 4.3% and 5%, respectively. On the flip side, Bank of America (BAC) was the lone black sheep, surrendering 1.9% by the bell.

Similarly, the S&P 500 Index (SPX – 1,162.35) ended at an intraday acme, tacking on 38.5 points, or 3.4%, when all was said and done. Finally, the Nasdaq Composite (COMP – 2,446.06) fared the best of the three, soaring 100.7 points, or 4.3%, before running into a roadblock in the form of its 10-day trendline.

Crude rises for 2nd day
After spending time on both sides of the breakeven line, crude oil futures climbed for a second straight day today. Bolstering black gold was the ongoing struggle in Libya, as well as hopes that Fed Chairman Ben Bernanke will outline additional stimulus measures during Friday's speech from Jackson Hole. By the close -- and despite the East Coast earthquake -- October-dated crude futures added $1.02, or 1.2%, to settle at $85.44 per barrel.

HAPPY TRADING