Stocks rose on low volume. Dow was up 68, advancers 3-2 over decliners & NAZ had a very good day, up 36. While economic news remains pretty dreary, lower oil prices may have brought out the buyers, again on lowwww volume. On a holiday shortened week, a lot of action is not expected. Today's rally was broadly based. Financials (like banks), REIT's, tech & even junk bond funds did well. However, energy related stocks pulled back including the MLPs. In just 3 days the MLP index has pulled back 9 (3%) in sympathy with energy stocks even though they have different fundamentals. Oil dropped 3.85 to the low 128s, bringing a sigh of relief to many investors. If there was any reason behind the decline, it's of talk about American consumers limiting car driving over the holiday weekend. Retail gas prices continue to rise, but they are a lagging indicator.
For those with a sweet tooth, Hershey (HSY) rose 3.42 on buyout rumors (although it's tough to find a printed story). Rumors are fun especially when they taste good! The rest of the week should be fairly quiet (assuming no bombshells).
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