Daily Investment Interpretations
February 11, 2010
The markets rose today on news that the EU will bail out Greece: E.U.
offers support for Greece, and that first time jobless claims have fallen to
440,000, after rising in January: Lowest
claims in months.
The NASDAQ Composite climbed 29.54 points, (1.38%) to close at 2,177.41, the Dow advanced 105.88 points (1.05%) to close at 10,144.19, and the S&P 500 added unto itself 10.34 points (0.97%) to close at 1,078.47. Oil advanced $0.64 to $75.12 a barrel. Gold gained $18 to end the day at $1,095. The VIX fell 1.41 to 23.99.
The markets have been forming a base at these low levels in the biggest pullback since last March. They're now better-positioned to advance, after scaring rookies like me into selling. (Bull markets invariably climb a wall of worry in which even the pros are shaken down to give up part of their gains as the markets climb amid dire news.)
At the same time, there's still the possibility for further sovereign defaults and related Eurozone problems.