Dow Jumps, Oil Tanks, and Financials Smile

Stocks were looking a little less gloomier today on news that oil was dipping and there was a little positive news in banks and airlines. The Dow Jones ended 2.5% higher, gaining 277 points–a dramatic turnaround from yesterday’s close, which we hadn’t seen the likes of since roughly the same week 2 years ago. The S&P 500 rose 2.5% and the Nasdaq, my personal favorite, gained 3.1%.

Gas and food are killing us vis-a-vis the CPI, or Consumer Price Index, which is a key inflation gauge (if you’re reading this, this is for the guys and gals that aren’t. I know, you get it. Sort of).

While the trading day started out a little hectic, with investor eyes glazing over the CPI, but as the day progressed and the news trickled out on positive corporate results, and kept on going the right way after oil took its high dive.

Housing starts, initial jobless claims and the Philadelphia manufacturing sector make their entrance on Thursday, so keep your eye out; you never know, this ‘rally’ could continue tomorrow.