Very similar to many sessions in 2013, early morning selling led to buyers showing up and stocks finished near their highs of the day. There has been a relentless bid to the market since the 3% correction as the S&P 500 has been up 7 sessions in a row. The S&P 500 gained 0.32% and the NASDAQ 0.26%. The news flow was very quiet on the day economically, and for the near term it seems technicals will dominate unless Europe flares up.
The S&P 500 is now firmly back in the middle of its channel from mid November. All time highs in the index are just ahead.
The NASDAQ is looking quite a bit better now too and more in line with the S&P 500 after lagging technically for much of the year.
Despite the day after day gains of late, except for one session the move up has been a grind (+0.3% here, +0.4% there) versus sharp rallies, so the NYSE McClellan Oscillator has not pushed deeply into overbought condition.
Apple (AAPL) helped the NASDAQ today as a late day rumor of a special $30 one time dividend to be declared "imminently" helped reverse the stock out of the red. The stock jumped from $428 to $438 in minutes on the rumor of the day.
Meanwhile, vague talks of a takeover of Blackberry (BBRY) helped drive that stock up tremendously.
BlackBerry (BBRY) is climbing after Yang Yuanqing, the CEO of Chinese computer makker Lenovo (LNVGY), reportedly told French newspaper Les Echos that it could make sense for his company to buy the Canadian smartphone maker. However, Yuanqing added that he would have to understand more about BlackBerry and its sector before pulling the trigger, according to a translation of the French article.
Online real estate information company Zillow (Z) also had a strong session.