Reflections on Volume

Big volume without further upside equals distribution
Big volume without further downside equals accumulation

Volume tends to peak at turning points
Volume often precedes price movement
Volume is a relative study

Wednesday, June 16, 2010

Stocks see broad gains; Industrials, tech climb

Industrial, technology stocks lift market on signs of increasing demand; euro extends climb

NEW YORK (AP) -- Industrial and technology stocks pulled the market sharply higher Tuesday after Boeing Co. said it was boosting production and an industry group forecast that demand for computers would increase.

The Dow Jones industrial average rose about 150 points in afternoon trading. The Dow and other major stock indexes rose more than 1.5 percent.

The advance in U.S. stocks was broad, but industrials made some of the biggest moves. Boeing Co. rose 3.3 percent after increasing production of the 737 jet. Boeing said customers are adding to existing orders and placing new ones. Illinois Tool rose about 1.4 percent after it raised the lower end of its fiscal second-quarter earnings target.

Meanwhile, the New York Federal Reserve regional manufacturing expanded has expanded for an 11th straight month in June.

"We're still seeing factories and manufacturing help provide a little stimulus for the economy here," said Michael Church, president at Addison Capital Group in Philadelphia.

Technology stocks got a boost after research firm International Data Corporation said it expects the personal computer market will grow 20 percent this year. Chipmaker Intel Corp. climbed 2.4 percent.

A gain in the euro and a drop in the dollar signaled that traders around the world are less worried that debt problems in Europe will disrupt a global recovery. The euro rose to $1.2319 after climbing Monday.

The falling dollar boosted prices of commodities including oil. Commodities become more affordable for overseas buyers when the dollar falls. The rise in oil lifted energy stocks. Oil services company Halliburton Inc. rose 5.4 percent.

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