Ah. There endeth the coming bear market which had been predicted by chartists who had identified a level of support being broken. Doh.
The S&P 500 in the US has set a cracking pace in the 3 day rally which was the best in 6 months.
The Dow also stormed up another 142 points to above 15,050.
There's a lot of talk about stimulus being given and stimulus being taken away, but another reason for the substantial rally in stock valuations is a lot simpler: the US economy is improving.
From Bloomie:
"Central bank stimulus has helped fuel a rally in stocks worldwide, with the benchmark U.S. index surging as much as 147 percent from its March 2009 low. Despite this month’s decline, the S&P 500 is up 2.8 percent for the quarter and has soared 13 percent for 2013.
Consumer spending in the U.S. rebounded in May following the largest drop in more than three years. Household purchases, which account for about 70 percent of the economy, rose 0.3 percent after a 0.3 percent decline the prior month, Commerce Department figures showed today in Washington. Incomes advanced 0.5 percent, more than projected.
More Americans signed contracts in May to buy previously owned homes than at any time in more than six years. Claims for unemployment benefits decreased by 9,000 to 346,000 last week, indicating employers are slowing the pace of firings."
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