U.S. stocks rose sharply Thursday for a second straight day as Wall Street anticipated good news in upcoming corporate earnings.
“Earnings are the support, and why the market is going up beyond all odds. You know two weeks from now, there will be some really good news coming. Companies will beat expectations because they are the ones guiding those expectations,” said Marc Pado, U.S. market strategist at Cantor Fitzgerald.
The Dow Jones Industrial Average (DJIA 12,171, +84.54, +0.70%) gained 84.54 points, or 0.7%, to 12,170.56, with all but three of its 30 components higher and led by a 2.5% rise for shares of Hewlett-Packard Co (HPQ 43.20, +0.10, +0.23%).
“The light volume on a rally indicates a lack of any desire to sell, not that there is any compelling reason to buy,” said Pado, who adds that investors are “willing to wait another week and a half before we get back into earnings season.”
“Obviously oil and gold are not the catalyst to take the market down, that’s over,” said Pado of a trend that has often had stocks falling as commodities rose, with rising energy costs seen as denting consumer spending and gold a safe-haven for investors fleeing equities and other assets viewed as riskier.
As allied planes struck ground forces in Libya, crude-oil futures(CLK11 105.47, -0.13, -0.12%) rose above $106 a barrel before finishing at $105.60 on the New York Mercantile Exchange.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,170.56 |
|---|---|
| Trade Time: | 4:01PM EDT |
| Change: |  84.54 (0.70%) |
| Prev Close: | 12,086.02 |
|---|---|
| Open: | 12,087.54 |
| Day's Range: | 12,087.54 -12,191.18 |
| 52wk Range: | 9,596.04 -12,418.00 |
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