Although it was looking like yesterday’s downward pressure might continue as the day got under way, the dip buyers did a good job of buying the early weakness, and after some sideways action early in the afternoon, the troops once again turned on the heat into the close. Those late day ramp-ups have been the norm lately, and even though we took a break from that yesterday, we saw once again the danger of betting against those sorts of self-fulfilling prophesies.
Tomorrow should be another interesting day with earnings from JPM, WFC and FCX.
As for today, buyers focused on financials for some support. Uninspired by the latest batch of earnings announcements, bulls initially yielded control of stocks to sellers for the second straight session. However, the early decline in stocks compelled buyers looking for more attractive entry prices to move in and offer their support. That helped stocks rebound midmorning and climb higher for the rest of the session... Financials attracted the most support. The sector was down more than 1% in the early going, but finished with an 8.2% gain at its best levels of the session. Buying in the sector was broad-based, but USB provided some of the most positive influence to diversified banks and the overall financial sector after it reported better-than-expected first quarter earnings... Meanwhile, RF attracted buyers into regional banks after holding an upbeat conference call. The stock was initially sent lower after the company announced a small profit for the latest quarter. Shares of RF swung nearly 28% from their session low to their closing price.
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