Barchart Stock Market Wrap – March 10, 2009

Stocks staged their biggest daily rally this year today on news that Citigroup (C) was profitable for the first two months of 2009. The news provided a much needed perk to the battered financial sector today.

With the lift from financials, the market responded well to two comments coming out of Washington today, first Federal Reserve Chairman Ben Bernanke’s forecast that the US might come out of the recession ‘sometime this year’. Second, comments made by Congressman Barney Frank (D, MA) to the effect that the SEC might re-impose the up-tick rule which would make short-selling more difficult by the end of the month.

The Dow Jones Industrials closed up 389 points to close at 6,925 for a gain of 5.8% today. The S&P 500 Index was also higher, closing up 43 points for a gain of 6.4%.

April Comex gold futures fell $21 to close at $897 on reduced need for safe haven buying.

The spot April crude oil futures fell $1.52 today on news that the Energy Department had cut its estimate for the global demand for crude in 2009 by 200,000 barrels per day.

The March Dollar Index fell 41 points on reduced safe haven buying and the global stock market rally today.

Reports Due Tomorrow:

10:30 am – Crude Oil Inventories for the week ended 3/6. (Last week stocks were 350.6 million barrels).  

Market Momentum: There were 2,909 advancing issues on the NYSE, with 241 declining issues. On the NASDAQ, there were 2,311 advancing issues with 499 declining.

New 52-week Highs: There were 13 issues reaching 52-week highs between the NYSE and NASDAQ

New 52-week Lows: There were 203 new 52-week lows on the NYSE and NASDAQ.