Independent, Fee-Only Financial Advisor
Tuesday, July 20, 2010
Stocks staged a strong midday rally to finish in the green for the second day in a row, shaking off deep losses as optimism grew ahead of a fresh wave of bank earnings and guidance from the Federal Reserve. The Dow erased triple-digit losses to end up .74% at the closing bell, with materials and energy stocks leading the way. The market started the day down heavily on the back of lower-than-expected corporate earnings, before launching a noontime surge that lasted the rest of the session. In other markets, the dollar strengthened against both the yen and the euro. DJIA +75.53 Nasdaq +24.26 S&P 500 +6.65.