Dow 10,000: Stocks rise again
Wall Street recharges the rally as investors gear up for a big week for corporate results. Apple is due after the close.
NEW YORK (CNNMoney.com) -- Stocks rallied Monday, with the Dow hitting its highest level in over a year, driven by a rally in industrial and commodity shares and optimism about the quarterly reporting period.
The Dow Jones industrial average (INDU) rose 105 points, or 1%, with roughly 2-1/2 hours left in the session. The Dow rose as high as 10,109.12, the highest level during a session since Oct. 7, 2008.
The S&P 500 (SPX) index gained 10 points, or 1%, and the Nasdaq composite (COMP) advanced 18 points, or 0.9%.
"This is a liquidity driven rally and the market is probably going to keep moving higher over the next few weeks," said Tyler Vernon, chief investment officer at Biltmore Capital.
"People are feeling optimistic," he said. "They're getting sick of getting zero percent returns on money market accounts and are wanting to take on more risk."
money.cnn.com
The GNOP just can't buy a break, eh?