US stocks rise, even after Portugal comes out and says it’ll be the third European nation to seek an international bailout.
DJIA rises 33 (0.3%) to 12427; yes, it’s another fresh multi-year high, S&P 500 gains 3 (0.2%) to 1336, Nasdaq Comp adds 9 (0.3%) to 2799.82. Volume’s a bit weak.
There wasn’t much in the way of hard news most of the day, but that serves bulls just fine. They’re buying just about everything. Gold hits a fresh record. Crude hits a fresh multi-year high. Even cotton’s rebounded.
Market shows little initial reaction to Portugal’s admission that it will follow Greece and Ireland in seeking a bailout. It can’t be a good thing that a third European nation is seeking international help because it can’t handle its problems on its own. But the even bigger issue is that everybody, and we mean ev-ree-bo-dee, is already looking past Portugal to its neighbor on the Iberian Peninsula — Spain.
Meanwhile, the Nasdaq Comp continues to flirt with the 2800 level. Our colleague, Tomi Kilgore, penned the following missive:
The fifth time wasn’t the charm for the Nasdaq Composite. Including today, the index has traded above 2800 intraday for the third time in four sessions, and the fifth time since Feb. 22, without closing above it. The Nasdaq ended up 8.63 at 2799.82, off an intraday high of 2815.55. Even if 2800 is cleared, bulls have to contend with nearby resistance within the gap in the charts between the Feb. 18 low and the Feb. 22 high (2808-2824), followed by the Feb. 18 high of 2840.41. Meanwhile, support starts at 2750-2765, which includes the gap between the March 29 high and March 30 low and the 50-day moving average.