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Recap Stock Index Market Report
Mon 13 Feb 2012 15:18:01 CT
Related Keywords: Equity Index
Related Keywords: Equity Index
The March S&P 500 began the Sunday evening trade with a gap higher open and traded higher throughout the overnight and early morning hours. The early gains in the index came on reports that the Greek Parliament had agreed to new austerity reforms suggested by the ECB and IMF. Early optimism that Greece might receive their 2nd round of bailout funds lifted European financials as a group by nearly 1.5%. The financial sector optimism helped US financial-related shares rally by 1.0% on the session. Around mid-day, some traders were cautious regarding the actual execution of new austerity measures, especially with heavy rioting already taking place in Athens. This pared back some of the early gains. Meanwhile, shares of Apple were up more than 1.5% on the session and trading above the $500.00 level on reports that the company had increased legal action against Samsung electronics over patent infringement. Another force that seemed to lift technology shares and power the March NASDAQ into new contract highs was a better than 1% gain in Google. US market breadth was positive throughout the session, with advancers outpacing decliners by more than a 3 to 1 margin.
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