Domestic stocks rallied yesterday following an upbeat reading of the service sector, pushing the Dow, Nasdaq, and S&P 500 all at least 1% higher. This morning, U.S. stocks are poised to continue higher, lifted by positive momentum in global markets and commodities.
Global stock indexes rose after Australia became the first major economy to hike rates. The Reserve Bank of Australia raised its overnight cash rate by 0.25% to 3.25%. The early interpretation by investors appears to be as a sign that the financial crisis is easing. Whether investors will be able to keep up momentum will likely depend on how third quarter earnings come in. Earnings season gets underway with Alcoa tomorrow. There are no major economic reports scheduled for today.
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