This has been the story of 2011: Whenever it feels like the worst is near, when Bank of America (BAC) stock suddenly falls below $5 or a ratings agency questions the full faith and credit of the U.S.A., some vague news out of Europe or a new batch of sunny data appears to save the day. Or maybe investors are just conflicted, mostly waiting on the sidelines, letting super-aggressive hedge funds and computer programs determine when the market will go up or down.
The Dow was recently up more than 300 points, or about 2.6%. The S&P 500 rose 2.7%.
In any case, it’s rally day once again in the U.S. markets, following better than expected new construction data and the easing of pressure in the European debt markets.
Energy is leading the market higher, followed close behind by materials and financial stocks. Industrial conglomerates like Textron (TXT), up 6.8%, are also trading solidly higher.
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