Last night was a struggling night as stocks weaved in and out of positive and negative territory before having a last minute gain.
Stocks struggled to hold gains for any length of time today as investors were disappointed in the latest jobless-claims report. Banks rebounded from a midmorning dip amid signs that financial reform may get stuck in gridlock on Capitol Hill. Bailout stocks Citigroup and AIG continued to push higher.
Initial jobless claims fell by 6,000 last week; economists had expected claims to drop by 8,000.
Jobless rates are still not showing any improvement which caused the DOW to be down. It was only saved by bank rally.
Right now it has hit the resistance. If it breaks that resistance, then we might go to the January high.
S&P500 closes at the 17-month high. Now it must find support at 1,147.5 to be able to move higher.
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