U.S. stocks surge in best day since Jan. 2
RW Baird analyst: Sequestration won’t be ‘Armageddon’ for economy
NEW YORK (MarketWatch) — A powerful U.S. stock rally Wednesday lifted indexes to their best session since Jan. 2, as a positive report on housing and the Federal Reserve chief’s commitment to stimulus overrode concerns that had battered stocks earlier in the week.
The advance brought indexes closer to their record highs, levels that should only prolong the ongoing rally by luring retail investors back to the market, said strategists.
“Investor psyche at the retail level still seems fragile, so this is an important juncture for the stock market. The next week or two could tell the story for the coming months,” said Brad Sorensen, Schwab director of market and sector research.
After fluctuating early on, the Dow Jones Industrial Average (DJI
JIA) climbed more than 200 points and ended up 175.24 points, or 1.3%, at 14,075.37. All but one of the Dow’s 30 components advanced. The session was the strongest since the blue chips clocked a 300-plus-point gain on Jan. 2, the first trading day of the year. Wednesday also marked the first back-to-back days of triple-digit gains since the year’s start.
http://www.marketwatch.com/story/us-stocks-ri...2013-02-27
