By Markus Heitkoetter
Stocks bounced right back after Friday’s losses with all major indices ending the session higher. Today’s gains didn’t cover all of Friday’s losses, but it was a great start to the week.
Things kicked off in overnight trading when China lowered their reserve requirement for banks. By lowering reserves China hopes to avoid a potential economic slowdown. The news pushed global markets higher, and got things going on a positive note in the U.S.
With a lite economic calendar we knew the focus would be on earnings. Better than expected earnings from companies like Hasbro (HAS), Morgan Stanley (MS), and Halliburton (HAL) helped fuel trader optimism. But it was a big push from the tech sector that really put the bulls in control.
Today’s rally helped the S&P close with a 19 point gain. The S&P ended the session at 2100.40.
The DOW ended back above 18,000 with a 209 point gain. With a 1.17% increase the DOW closed at 18034.93.
But with a little help from Apple Inc (AAPL) it was the NASDAQ that led the way. Apple’s 2.28% increase helped lift the NASDAQ to a 1.27% gain.
Hasbro Inc (HAS) beat earnings expectations and took off to record highs. HAS closed a whopping 12.55% higher today at $74.16.
The move was welcomed by PowerX traders who were looking for a PowerX Method ADR Profit Target at $67.61. With today’s open at $70 a share the target was easily met.
A PowerX Buy Signal was identified on 1st April 2015.