The DJIA and SPX gained 0.7% and 0.9%, respectively, while the COMP added 1.2%
Fresh off their impressive January gains, U.S. stocks jumped higher in early trading today, and maintained their positive momentum throughout the session. Traders were abuzz even before the markets opened, as a couple of well-received manufacturing reports from the euro zone -- along with persistent rumors that Facebook may soon file an IPO -- sparked the bullish flames.
As the day carried on, Wall Street also applauded an in-line payrolls report from ADP, and a steeper-than-predicted climb in construction spending. As the first session of February came to a close, all three major market indexes finished with solid gains, with the Nasdaq Composite (COMP) leading the way with a 1.2% jump.
The Dow Jones Industrial Average (DJIA – 12,716.46) rallied as high as 12,784.62 in early trading, before paring its lead and finishing with a healthy gain of 83.55 points, or 0.7%. Among the Dow's 30 components, McDonald's (MCD) led the three laggards, giving up 0.7%. Conversely, Bank of America (BAC) paced the bullish majority by tacking on 3.2%.
The S&P 500 Index (SPX – 1,324.08) touched an intraday acme of 1,330.52, but cut its gain to 11.7 points, or 0.9%, by the time the dust settled. The rally was quite broad on the day. In fact, 33 companies listed on the broad S&P 500 hit 52-week highs.
Finally, the Nasdaq Composite (COMP – 2,848.27) fared the best of its peers today, adding 34.4 points, or 1.2%. Earlier, the tech-rich index peaked at 2,855.73. Today marked the COMP's highest close since July 22.
QUOTES OF THE DAY
"Overall, today's data confirmed the message in the flash reports that the manufacturing sector in the euro area [stabilized] in January."
"The numbers aren't horrible, the trend continues that the news is OK."
“The movement in the market today has a lot to do with positive manufacturing data from overseas and fact that [the] U.S. is still growing.”
“The market is overdue for a pullback or correction. A clear break of 1,300 on the S&P 500 confirmed by a break of trend line support on the NYSE advancers/decliners would get the ball rolling.”
“While January is important, it is only one of a dozen months, so it too should not tell the future.”
HAPPY TRADING
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