S&P 500 Turns Positive For The Year

By: Jordan Kahn Monday, May 04, 2009 5:51 PM

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The S&P 500 rallied hard today, outpacing the Nasdaq, and managed to close above its year-end 2008 levels (903.25). That puts the index in positive territory for the year (+0.44%) for the first time since Jan. 8th.

Here is a quick summary of today's action:

Wall Street extended recent gains, driving the S&P 500 above 900 and allowing the index to wipe out its loss for the year.
Better-than-expected economic reports and positive analyst comments were the catalysts for the advance. March pending home sales posted their first back-to-back increase in almost a year, while construction spending ended a sixth month slide.
Commodity producers rallied as China’s manufacturing expanded for the first time in nine months and the price of oil hit a five-week high.
Intel led the technology group higher following an analyst upgrade. The shares rose 82 cents to 16.66.
Financial stocks rose as the market anticipated banks have avoided the worst case scenario. Bank of America denied a report it was trying to raise $10 billion and shares closed up 1.68 at 10.38.
On the earnings front, Sprint Nextel reported a surprise profit and the shares jumped 33 cents to 5.00.
The Dow closed up 214.33 points at 8426.74.
NYSE volume totaled over 1.7 billion shares.
The S&P 500 was up 29.72 points.
The Nasdaq gained 44.4.
Advancing issues beat decliners by 5-1 on the NYSE and by 7-2 on the Nasdaq.
The 10-year Treasury note was steady to yield 3.16%.

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