Stocks rally for 3rd straight session, supported by best day for banks in a month

[GennGreymane]

https://www.marketwatch.com/story/do...ins-2018-07-09

U.S. stocks rallied Monday, putting Wall Street on track to extend its recent rally as positive economic news, notably last week’s jobs report, continued to overshadow escalating trade tensions.

Gains were widespread, but bank stocks were among the day’s leaders. The group was poised for its biggest one-day advance in a month.

What are the main benchmarks doing?
The Dow Jones Industrial Average DJIA, +1.05% gained 264 points, or 1.1%, to 24,719. The S&P 500 SPX, +0.68% added 19 points to 2,779, a gain of 0.7%. The Nasdaq Composite Index COMP, +0.48% climbed 37 points, or 0.5%, to 7,726. All three are on track for their third straight gain.

With the move, the Dow turned positive for 2018, and is now up less than 0.1% for the year. The blue-chip average is also set to end above its 50-day moving average for the first time in nearly three weeks, a positive sign for its short-term momentum trends.

Don’t miss: This market trend is clear—so don’t fight it, says this seasoned investor

What’s driving markets?
On Friday, June data on nonfarm payrolls came in stronger than expected, and May and April jobs figures were revised higher.

The report was seen as underlining the strength in the U.S. economy at a time when many investors are concerned about worsening relations between the U.S. and its major trading partners. The Trump administration last week officially imposed tariffs on $34 billion of Chinese imports; Beijing implemented tariffs on the same value in U.S. goods.

Monday’s gains for U.S. stock futures followed rallies in Asia, where China’s Shanghai Composite SHCOMP, +2.47% rose 2.5%, cutting its July loss to 1.1% and reducing its 2018 drop to 15%.

What are other markets doing?
European stocks SXXP, +0.58% were advancing, while the ICE U.S. Dollar Index DXY, +0.12% was largely flat, rebounding as the pound reversed an earlier rise GBPUSD, -0.4139% that followed the resignation of U.K. Brexit Secretary David Davis. The subsequent resignation of Foreign Secretary Boris Johnson was seen raising the possibility Prime Minister Theresa May could face a leadership challenge from within her party.

Gold futures GCQ8, +0.49% moved up, as U.S. oil futures CLQ8, -0.41% were little changed.

What are strategists saying?
“Given the rhetoric over the past few weeks, it seems like the probability of a trade war has increased. However, in the short term I still think there’s a relatively low probability that one will actually occur. And in the meantime, U.S. economic data has been good, and the Street knows this will be a good year for earnings,” said Scott Wren, senior global equity strategist for Wells Fargo Investment Institute.

Which economic reports are on tap?
At 3 p.m. Eastern Time, investors are due to get a May release on consumer credit.

[Kujako]

Still heavily weighted by tech industries while most sectors are going down due to "reasons".

[GennGreymane]

Still heavily weighted by tech industries while most sectors are going down due to "reasons".

And yet many on here want California to fall..... oh boi are they in for a rude awakening when that happens.

[Kujako]

And yet many on here want California to fall..... oh boi are they in for a rude awakening when that happens.

It always confuses me, because so much of the countries food comes from CA. I mean... what do "conservatives" eat?

[Independent voter]

Woohoo!

10chars

[GennGreymane]

It always confuses me, because so much of the countries food comes from CA. I mean... what do "conservatives" eat?

Well no, not just that... Cali and NY are paying for their welfare.

[Kujako]

Well no, not just that... Cali and NY are paying for their welfare.

Oh that ones easy. Every single person on welfare, EXCEPT the person you're talking to at the time, is abusing the system and should be kicked off. Like when Michele Bachmann ranted about welfare, while cashing her farm subsidy check.

[Vizardlorde]

It always confuses me, because so much of the countries food comes from CA. I mean... what do "conservatives" eat?

Squirrels and birds from the woods and roadkill like opossums?

[Endus]

Necessary reminder that the Dow Jones has been chaotic and trending, if anything, downward since it peaked at the end of January;



Data pulled straight from Google's tracking (hopefully link works); https://www.google.ca/search?q=INDEX...jwTe34r4CQ_5:0
The screengrab is the 1-year graph, that peak was on Jan 26. The market's been waffling up and down for 6 months, now. A couple days of uptick isn't a change in this pattern.

If you look at the long view, there was pretty steady growth from 2008 right to that peak, outside a few months around the 2016 election (unsurprisingly, really). The last 6 months is a major long-term change in pattern.

[Kujako]

Necessary reminder that the Dow Jones has been chaotic and trending, if anything, downward since it peaked at the end of January;

Don't worry, they'll just change the companies they list in it to ensure that it goes back up. That's the whole point of it's existence.

[The Stormbringer]

And yet many on here want California to fall..... oh boi are they in for a rude awakening when that happens.

And they're trying to split California into three states, a blatant bid to get more Republican votes. And yet they don't seem to realize that by doing this, they'll no longer get the oodles and oodles of tax dollars coming from the big cities, and will go broke immediately.

[NihilSustinet]

https://www.marketwatch.com/story/do...ins-2018-07-09

Stocks are almost entirely owned bu the upper class now. i really dont care how well the rich people are doing while we people starve in the streets. at this point the stock market is essentially meaningless.

[Independent voter]

Look at the NASDQ!

That's were all the little odd stocks are.

[Doctor Amadeus]

Necessary reminder that the Dow Jones has been chaotic and trending, if anything, downward since it peaked at the end of January;

Data pulled straight from Google's tracking (hopefully link works); https://www.google.ca/search?q=INDEX...jwTe34r4CQ_5:0
The screengrab is the 1-year graph, that peak was on Jan 26. The market's been waffling up and down for 6 months, now. A couple days of uptick isn't a change in this pattern.

If you look at the long view, there was pretty steady growth from 2008 right to that peak, outside a few months around the 2016 election (unsurprisingly, really). The last 6 months is a major long-term change in pattern.

So we're winning right?


I didn't read that in what you wrote, I seen you write down, down is not good, can we call it Alternative Up?


See that is better, Alternative up since January, WINNING!

[PC2]

Well no, not just that... Cali and NY are paying for their welfare.

You want that to change? Reduce federal tax, emphasize state tax.

[GennGreymane]

You want that to change? Reduce federal tax, emphasize state tax.

Do you care for my response?

[Endus]

Look at the NASDQ!

That's were all the little odd stocks are.

I just want to note that your graphs there end on July 31, 2017.

2018 is pretty markedly different, as above.

[Tic Tacs]

The higher it climbs, the harder it will fall, someone should start a war otherwise the US is fucked longterm.

[PC2]

Do you care for my response?

Sure. I like hearing about potential solutions.

[GennGreymane]

Sure. I like hearing about potential solutions.

One solution would be for certain states to actually begin producing something besides blaming California for all their woes.