Rally at wallstreet again....
Stocks had another strong finish Thursday as all three of the major indices finished more than 1% higher. The Dow Jones Industrial Average had the best performance, finishing near its high with a 1.9% gain.
Falling crude prices helped revive the optimistic mood among investors. Stocks had actually succumbed to selling pressure midday, but when crude dipped lower the stock market rallied. Crude shed roughly $5 to finish below $130 per barrel, its lowest level in more than one month.
Positive economic data also lent support to Thursday's advance. Housing starts for June increased 9.1% to an annualized rate of 1.066 million units, which is above the 960,000 consensus estimate. The lift in residential construction bodes well for overall economic activity.
"A market analyst is an expert who will know tomorrow why the things he predicted yesterday didn't happen today!"