Wall Street is once again in fully rally mode today following yesterday's interest rate cut by the Federal Reserve. At 1 pm on the east coast the Dow is higher by 81 points, while the Nasdaq and S&P 500 are higher by 16 and 10 respectively. Stocks are off their best levels of the session, but are still broadly higher.
All the major sectors are higher today. Retail, technology, and financial stocks are especially strong thus far today.
Coach Inc. (NYSE:COH) is leading the specialty retail sector higher today, gaining by 4.39% on strong volume. TJX Companies (NYSE:TJX) is also showing significant strength so far today, rising by 2.66%. Larger department stores are also very strong today, with Macy's Inc. (NYSE:M) higher by 4.16%.
Technology shares are mostly higher on the day so far, with some large cap names showing some impressive gains. Dell Inc. (Nasdaq:DELL) shares are gaining 2.5% on the day after the company announced plans to open a store in Moscow. After a rather disappointing performance yesterday in the large rally, VMware Inc. (NYSE:VMW) is back in a big way today, gaining 4.17%. MEMC Electronic Materials (NYSE:WFR) is higher by 2.26% so far on the day.
Financials have come quite a ways off their highs of the day today, but are still largely higher. Fannie Mae (NYSE:FNM) shares are higher by 3.12% after news that regulators will relax their asset limits on the company. Hartford Financial Services (NYSE:HIG) leads the financial services sector higher today, gaining 2.31%.
Market internals are very strong again so far today. Volume is on the average side, with the Nasdaq just short of 1.2 billion at just past 1 pm. The new highs versus new lows ratio is very strong on both the NYSE and the Nasdaq. At the NYSE there are 191 new highs vs. 51 new lows. At the Nasdaq there are 184 new highs vs. 38 new lows. Up volume leads down volume by about a 2 to 1 margin on both the NYSE and the Nasdaq.
It will be interesting to watch the markets as they go toward the close to see if they lose some steam or continue to hold their higher levels. A convincing gain after yesterday's huge runup would certainly be a huge win for the bulls.
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