The S&P 500 gained 0.70% and the NASDAQ 1.64% as the market tries to put behind ta first quarter where stocks did not go anywhere. Positive manufacturing data helped lift spirits even though it missed expectations. Some after effects from yesterday’s dovish Janet Yellen remarks also were probably responsible.
The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.7 in March, which was up slightly from February’s read of 53.2 but below the expected 54.0 reading in a Reuters poll.
As we mentioned yesterday we are at an interesting spot as the S&P 500 remains in great shape but the NASDAQ actually broke the bottom of a year and a half channel. For bulls, the positive is whenever the NASDAQ breaks said channel it tends to reverse 180 degrees and surge higher so if this is about to happen again the next few weeks should be positive.
We highlighted emerging markets via the ETF EEM last Friday, they continue to surge.
Ford (F) rallied sharply today on good monthly sales data; it might also be helped near term by the recalls at General Motors (GM).
Intuitive Surgical Inc (ISRG) jumped after the U.S. Food and Drug Administration gave marketing clearance for the company’s da Vinci Xi Surgical System.
Netflix (NFLX) – which has dropped some $100+ in a month bounced from very oversold conditions.