As the stock market continues to recover from the previous week of drops in prices, the current week is looking bright. While many were expecting the first day of the week to see gains was a fluke, the second day of the week managed to catch lightning in a bottle again.
With the most recent earnings report showing incredible progress throughout the private sector, many investors are looking to build off that initial success. After Monday’s incredible rise, plenty of investors started looking to take that graph higher and kept that momentum going.
Various major stocks in the US managed to gain major points, including the NASDAQ, S&P 500, and Dow Jones. The Dow in particular saw an impressive rise of 250 points, or 0.8%, with the NASDAQ coming in at a close second, managing to gain 0.7% in a short span of time. Finally, the NASDAQ also managed to gain 0.9% during the day, which could be the start of a slow but consistent rally.
Averages See Major Rise as Well
During early trading, averages for the Dow Jones managed to gain over 600 points but quickly came off its highs. With the treasury yields for the US reaching new highs, however, chances for the averages to grow are starting to look slim.
The NASDAQ gave investors a quick scare by trading in the negative for a little before bouncing right off its lows. The sudden drop and bounce back had investors in knots, as they were worried that the gains could slowly fall.
Considering the current state of the stock market and its volatile nature, the fact that the market has managed to sustain this short rally is a little impressive.
Rally Extends Throughout the Stock Market
The strong earnings throughout the market are reflected in the stocks of various firms as well. Goldman Sachs, for example, managed to rise by an impressive 3%. The rise was completely out of the left field and managed to surprise many investors.
The bank was able to beat all expectations for its earnings and revenue. Of course, Goldman Sachs wasn’t the only bank to be making big earnings during the small rally, as various other banks such as the bank of New York Mellon and the Bank of America saw significantly better earnings.
Lockheed Martin also managed to see a rise of over 5%, thanks to its very impressive shares.
Will the Stock Market be able to Sustain the Current Rally
The real question for the stock market right now is if it will be able to sustain the current rally, or will be short-lived. While the earnings report has certainly been a breath of fresh air the truth is that the market still remains too volatile to say anything decisive.