Major U.S. stock indexes ticked higher today, the next to last trading day for 2011, powered by good economic reports and a successful bond sale in Italy and receding concerns about Spain.
The Dow Jones Industrial Average (NYSEARCA:DIA) gained 1.1% while the S&P 500 (NYSEARCA:SPY) added 1.1% and the Russell 2000 (NYSEARCA:IWM) led the way among major indexes with a gain of 1.3%. Today’s action brings the Dow Jones Industrials and S&P 500 to positive levels for the year while the Russell 2000 shows a loss year to date.
Most importantly, the S&P 500 (NYSEARCA:SPY) closed above its 200 day moving average as the battle continues around that important zone.
Economic news concerning unemployment, previous home sales, Chicago PMI and a good bond auction in Italy all added to positive feelings before the last trading day of the year.
Standout exchange traded fund performers were in Europe with Italy’s ETF rising 2.3% and Spain’s exchange traded fund (NYSEARCA:EWP) jumping 2.8%, far outpacing the general U.S. indexes on relief that the ongoing debt crisis in Europe might finally be brought under control.
Bottom line: With one trading day to go in 2011, all eyes will be on the S&P 500 to see if it can hold the crucial 200 day moving average. A final close above that level will likely boost confidence going into 2012, while a weak finish would dull enthusiasm for the start of the new year.
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One More Day To Go For Positive 2011
Published 12/30/2011, 04:59 AM
Updated 05/14/2017, 06:45 AM
One More Day To Go For Positive 2011
As the clock ticks towards the end of 2011, one more trading day remains for a positive 2011.
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