Stock rally runs out of steam as buyers go home
UPDATED at 2:49 p.m.:
Well, today's little bargain-hunting rally looks like it had enough steam to last until, oh, about noon. Since then, it's been all downhill as the buyers have gone home.
Stocks dipped briefly negative after 2 p.m. before recovering slightly and are now dancing around the flat line. This underscores the idea that today's opening was driven by bargain-hunters, not by underlying fundamentals.
The Dow is up .12 percent.
The broader S&P 500 is up .18 percent.
The tech-heavy Nasdaq is up .03 percent.
Stocks give up some opening gains, remain in green
12:56 p.m.: Stocks have given up some of their earlier gains but remain in positive territory, as bargain-hunters look for value.
The Dow is up .65 percent.
The broader S&P 500 is up .74 percent.
The tech-heavy Nasdaq is up .62 percent.
Stocks rebound after last week's sell-off
11:12 a.m.: Stocks are rallying 90 minutes into the trading day, posting their biggest gains in nearly one month, as investors and traders search for bargains produced by last week's downturn.
The Dow is up 1.5 percent and back up above the 9800 level.
The S&P 500 is up 1.7 percent.
The Nasdaq 1.9 percent.
European markets are strongly positive with less than 30 minutes to go before closing.
Some of the bargains being snapped up today are last week's big losers, including lots of heavy-industry/growth-oriented names, such as Caterpillar and Alcoa.
Do remember: Stocks crashed through their "support levels" last week, meaning the floors over which they had traded for some months. So today's rally -- so far -- is really just a few steps up from the basement and not quite back to the first floor, is one way to think about it.
In other economic news out this morning, the Institute for Supply Manufacturers' June index for activity in the service sector came in slightly lower than expected, but not by a lot.
July 6, 2010; 2:49 PM ET
Categories: Wall Street
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