After yesterday's losses of over 2%, it appears that investors are in the mood to bargain hunt today. The major indices have been higher since the opening bell, and the rally has been gaining more steam as the morning goes. The Dow is currently up by 133 points, the Nasdaq by 32, and the S&P is up 15.
All the major sectors are higher this morning, but basic materials, technology, and energy lead the way. POSCO (NYSE:PKX), the South Korean integrated steel producer, is jumping 6.3% on heavier than average volume this morning. Fertilizer producer The Mosaic Company (NYSE:MOS) trades higher by 2.85% thus far today. 
Leading the technology sector higher today is Apple Inc. (NASDAQ:AAPL), after the company distributed invitations to a September 5th event in San Francisco. Goldman Sachs analysts said that this date would almost certainly be to introduce the launch of the new fully revamped line of iPods. Nokia Corporation (NYSE:NOK) is jumping 6.06% this morning after announcing new music and gaming services. Garmin Limited (NASDAQ:GRMN) is also gaining by 3.8% thus far today after announcing a new line of GPS tools for cyclists.
Schlumberger Limited (NYSE:SLB) led the energy stocks higher, rising by 2.65% this morning. Baker Hughes Incorporated (NYSE:BHI), the major oilfield services company, is also strong today, gaining 2.22%.
The volume on the exchanges is once again quite light today. I believe the light volume has become the norm, at least for this week. With the holiday on Monday, it will be interesting to see if things pick up any starting Tuesday, or if traders are waiting until after the FOMC meeting to start committing much capital.
The bargain hunting is a good sign for the bulls today, but we shouldn't read too much into any of the daily moves from this stock market right now.
Comment Preview