Everything was up today across the board including oil and gold. For the 3rd consecutive day, the Dow advanced by gaining 76.02. Investors came back to the NASDAQ today as it was up 13.18. The S&P gained 6.86.
Stocks rallied today mostly because of the Supreme Court decision in favor of Walmart. Larry Kudlow just tweeted on this as being a "great victory for all biz and huge defeat for frivolous class action lawsuits. Bullish.Drove up stocks."
Only 10 more days before QE2 ends-let's see what inpact that will have on stocks and oil in July after it expires on 6/30. In my opinion stocks and oil will lower and the dollar will strengthen.
The financial headlines for today are:
1) Stocks post third straight day of gains-From the AP and Marketwatch
The downturn brought the S&P 500 close to its average level over the prior 200 days. So long as the index doesn't sink far below that level, many technical traders see it as a sign to start buying stocks again. The S&P is now 6 percent below the 2011 high it reached on April 29.
"In the short term, stocks have been oversold, and you're going to get some sort of bounce, whether justified or not, just for technical reasons," said Paul Simon, chief investment officer for Tactical Allocation Group, which has $1.5 billion in assets under advisement.
The justices unanimously ruled that more than 1 million female employees nationwide could not proceed together in the lawsuit seeking billions of dollars and accusing Wal-Mart of paying women less and giving them fewer promotions.
The Supreme Court agreed with Wal-Mart, the largest private U.S. employer, that the class-action certification violated federal rules for such lawsuits.
It accepted Wal-Mart's argument that the female employees in different jobs at 3,400 different stores nationwide and with different supervisors do not have enough in common to be lumped together in a single class-action lawsuit.
The ruling was cheered by the U.S. Chamber of Commerce business group as the most important class action case in more than a decade but denounced by women's groups.
3)EU strives to contain Greek debt storm-From the AP
Europe tried to set up a firewall on Monday between the financial turmoil ravaging Greece and the destinies of Ireland and Portugal, the two other bailed-out eurozone countries, and increased pressure on Athens to pass new austerity measures in exchange for saving it from default.
Eurozone governments agreed to reinforce their bailout funds to boost confidence in their ability to stop the crisis from taking down other countries and to help Ireland and Portugal emerge from their debt holes.
Greece's financial life support from Europe, meanwhile, depends on it taking new deficit-cutting measures.
After days of political chaos, the government in Athens has to survive a confidence vote and then get its austerity plan through parliament. To make sure that happens, eurozone ministers have delayed crucial new loans until after the parliamentary vote.
Quote of the Day from Dave Ramsey.com:
Most people have no idea of the giant capacity we can immediately command when we focus all of our resources on mastering a single area of our lives. — Tony Robbins
Stocks rallied today mostly because of the Supreme Court decision in favor of Walmart. Larry Kudlow just tweeted on this as being a "great victory for all biz and huge defeat for frivolous class action lawsuits. Bullish.Drove up stocks."
Only 10 more days before QE2 ends-let's see what inpact that will have on stocks and oil in July after it expires on 6/30. In my opinion stocks and oil will lower and the dollar will strengthen.
The financial headlines for today are:
1) Stocks post third straight day of gains-From the AP and Marketwatch
U.S. stocks rose Monday, led by Dow components Caterpillar Inc. and Microsoft Corp., as European markets finished lower on concerns over Greece.
"In the short term, stocks have been oversold, and you're going to get some sort of bounce, whether justified or not, just for technical reasons," said Paul Simon, chief investment officer for Tactical Allocation Group, which has $1.5 billion in assets under advisement.
2)Wal-Mart wins Supreme Court sex-bias ruling-from Reuters
The Supreme Court threw out on Monday a massive class-action sex-discrimination lawsuit against Wal-Mart Stores Inc, the biggest ever such case, in a major victory for the world's largest retailer and for big business in general.
The justices unanimously ruled that more than 1 million female employees nationwide could not proceed together in the lawsuit seeking billions of dollars and accusing Wal-Mart of paying women less and giving them fewer promotions.
The Supreme Court agreed with Wal-Mart, the largest private U.S. employer, that the class-action certification violated federal rules for such lawsuits.
It accepted Wal-Mart's argument that the female employees in different jobs at 3,400 different stores nationwide and with different supervisors do not have enough in common to be lumped together in a single class-action lawsuit.
The ruling was cheered by the U.S. Chamber of Commerce business group as the most important class action case in more than a decade but denounced by women's groups.
3)EU strives to contain Greek debt storm-From the AP
Europe tried to set up a firewall on Monday between the financial turmoil ravaging Greece and the destinies of Ireland and Portugal, the two other bailed-out eurozone countries, and increased pressure on Athens to pass new austerity measures in exchange for saving it from default.
Eurozone governments agreed to reinforce their bailout funds to boost confidence in their ability to stop the crisis from taking down other countries and to help Ireland and Portugal emerge from their debt holes.
Greece's financial life support from Europe, meanwhile, depends on it taking new deficit-cutting measures.
After days of political chaos, the government in Athens has to survive a confidence vote and then get its austerity plan through parliament. To make sure that happens, eurozone ministers have delayed crucial new loans until after the parliamentary vote.
Quote of the Day from Dave Ramsey.com:
Most people have no idea of the giant capacity we can immediately command when we focus all of our resources on mastering a single area of our lives. — Tony Robbins
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