STTG Market Recap Feb 26, 2013
Stocks rebounded Tuesday from the big selloff Monday but volume was unconvincing and aside from the safety sectors (utilities, healthcare, consumer staples) most of the strength came from very broken stocks, indicating a relief of oversold conditions more than anything. The main driver of the day was the housing sector as new home sales surpassed expectations.New home sales jumped in January to a seasonally adjusted annual rate of 437,000, the highest since July 2008, according to the Commerce Department.Ben Bernanke was on Capital Hill defending the Fed's actions but really said nothing we have not heard before. In a very choppy day the S&P 500 added 0.61% and the NASDAQ 0.43%. Original post: STTG Market Recap Feb 26, 2013
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