A second day of strong gains as the markets look to put last week’s negative clouds behind them. The S&P 500 added 0.72% and the NASDAQ 1.25%. Some were relieved by comments out of Russia as Putin said Russia was not looking to take control of more of Ukraine after approving a plan to make Crimea a part of Russia. In economic news, the Department of Commerce reported housing starts in February were down 0.2 percent from January and off 6.4 percent from the year-ago month, while a rebound in building permits offered hope for the housing market emerging from a soft patch.
A rally in technology helped the NASDAQ outperform today.
The NYSE McClellan Oscillator made it back over to the positive side with today’s move.
In terms of sectors some area of relative strength are the regional banks, transports, technology, and the head scratching utilities.
Microsoft (MSFT) exploded higher as the company said it would soon unveil a version of Office for the iPad.