Positive Bias Sparks Strong Rally
In today’s futures trade,
the early morning positive bias sparked a strong rally in the S&P 500 futures
and Nasdaq 100 futures, which had both gapping at the open and trending to the
upside all day. US stocks
rose as HSBC Holdings’
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International
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biggest drop in four weeks after an unexpected decline in weekly jobless claims
suggested the economic rebound is accelerating.
The Standard &
Poor’s 500 Index
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Dec. S&P 500
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rallied nicely from a pullback from its recent high. NDZ2 closed at 1052 up
35.50 or 3.49%.
Benchmark 10-year notes led declines as a bigger-than-forecast increase in
retail sales, excluding automobiles, also pointed to faster growth. Demand for
Treasuries fell as some investors bought stocks and higher-yielding corporate
bonds as a bet the recovery will bolster companies’ earnings.
The Dec. 10-year note
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Crude oil for December delivery
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Dec. heating oil
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gasoline
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gallon. Dec.
natural gas
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PowerRating) was unchanged at 3.87.
At the Chicago Board Of Trade (CBOT)
some of the grains had follow-through from Wednesday’s positive move.
Dec. wheat futures
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to $3.91 1/2 a bushel. Jan. soybeans
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level briefly before rising 4 cents to close at $5.67 a bushel.
Dec. corn
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$2.44 a bushel, up 3 1/2 cents or 1.46% and Dec. soy meal
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PowerRating) climbed above 165 to close at 165.69, a gain of 2.20 or 1.35%.
Dec. gold
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PowerRating) fell .70 to close at $318.19 a troy ounce; Dec. silver
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and Dec. copper
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PowerRating) dropped .55 of a cent to close at 71.20 cents
a pound.