Big follow through session
The Market:
Following on the rally after the FOMC statement release yesterday, today gaped higher and never looked back with the S&P 500 (SPY) finishing up 2.50%. Yesterday’s leader, the Russell 200 (IWM), was today’s laggard but still finished up 1.45%. Unlike previous sessions where the markets seem to take their cue from Oil, today the markets rallied even while oil continued its slide.
Again as would be expected on a day like today, all of the individual sectors were higher with Technology (XLK), HealthCare (XLV), Industrials (XLI), Financials (XLF), and Materials (XLB) all finishing up over 2%. The laggard was Transportation (IYT) which still closed up 1.52%.
In Economic data, Unemployment Claims came in better than expected while Flash Services PMI and Philly Fed Manufacturing Index missed.
Reporting EPS 12/19/14 Pre-Market: