Day 8: Both Stocks & The US Dollar Rally

Wednesday, February 17, 2010
Market Commentary

The major averages ended higher on the 8th day of their current rally attempt after the latest round of healthy economic and earnings data was released. Volume, a critical indicator of institutional sponsorship, was mixed; higher on the Nasdaq and lower on the NYSE compared to the prior session. Advancers led decliners by a 2-to-1 ratio on the NYSE and by a 16-to-11 Nasdaq exchange.  New 52-week highs outnumbered new lows on both exchanges.  There were 27 high-ranked companies from the Leaders List that made a new 52-week high and appeared on the BreakOuts Page, down from the 35 issues that appeared on the prior session.

Both Stocks & The Greenback Rally:

It was interesting to see both stocks and the US dollar rally on Wednesday after upbeat earnings and economic data was released. Healthy earnings from Deere & Co (DE +5.02%), Whole Foods Market Inc. (WFMI +12.55%) and Hewlett-packard Co (HPQ +1.38%) helped the bulls send stocks higher. So far, three-quarters of S&P 500 companies have posted stronger than expected Q4 results which bodes well for the US economy.

Healthy Economic Earnings Data Lifts Stocks:

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