The DJIA is up 139 to 9827 as computers, telecoms, and defense issues rise on fund buying. The NASDAQ is up 48 to 1966 as semiconductors rise. NYSE breadth is 15-13 positive; NASDAQ breadth is 18-14 positive. Trading is active. Short term technicals are bullish.
The dollar is up despite 0.2% durable goods orders fall. Oil futures are up.
“We’re almost there,” said Bruce Bent, president of Reserve Funds. Bent thinks the second quarter will be “unhappy,” though not as bad as the first quarter. In the third quarter, Bent expects “a move into global blue chips.” The only dark cloud is the strong U. S. dollar, which could hurt large exporting companies, according to Bent.
Until the third quarter, Bent thinks a weak market “provides investors with an opportunity to purge their portfolios.” Cautious analyst recommendations will lead to more market sell-offs in the second quarter, Bent predicts.
|S&P 500||1171.09 +18.40|
|NASDAQ Composite||1966.19 +47.70|
|Dow Jones Industrial Average||9826.99 +139.46|
|10-Year Treasury Yield||4.99% (previous close, 4.85%)|