The S&P 500 Breaks 1,190

The stock market is getting another bump this morning. The S&P 500 has been as high as 1,190.15 so far which is an 8.27% rally from last Monday’s close.

The cyclicals are in charge today as the Energy, Financial and Materials sectors are doing the best. On Thursday of this week, JPMorgan Chase ($JPM) will be the first of the major banks to report earnings. The shares got as low as $27.85 last week. Today it’s the top-performing stock on our Buy List. This earnings report will probably tell us a lot about where banks earnings stand for this earnings season. I’m pleased to see that both AFLAC ($AFL) and Ford ($F) are strong today.

Bloomberg sums up the good news:

German Chancellor Angela Merkel and French President Nicolas Sarkozy said yesterday they will deliver a plan to recapitalize European banks and address the Greek debt crisis by the Nov. 3 Group of 20 summit. Belgium said today it will buy part of Dexia SA and provide security for depositors as part of a plan to rescue the lender.

Posted by on October 10th, 2011 at 10:48 am


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