Bouncing back from Friday’s rare retreat, U.S. stocks coasted to a higher close on Monday as a crucial Greek vote on austerity measures soothed the markets’ eurozone headache and Apple catapulted the Nasdaq Composite to new 11-year highs.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, jumped 72.81 points, or 0.57%, to 12,874.04, the Standard & Poor's 500 climbed 9.13 points, or 0.68%, to 1351.77 and the Nasdaq Composite advanced 27.51 points, or 0.95%, to 2,931.39.
The latest buying binge on Wall Street adds to the markets' hot start to the year and leaves the blue chips within striking distance of the psychologically-important 14,000 level.
Without any major economic or earnings reports on the agenda, traders largely focused on Greece, which signed off on new austerity measures over the weekend, raising hopes Athens may avoid a disorderly bankruptcy in the near term. The austerity package had a requirement for Greece to receive a US$172 billion bailout from the European Union and International Monetary Fund.
Passage of the measures, which include deep spending cuts and a reduction of the minimum wage, triggered protests and then fiery confrontations with rioters overnight.
While the key vote was a necessary step to prevent a default and potentially calamitous bankruptcy, it doesn't appear to be the final chapter for Athens. Greece still faces a number of hurdles, including a meeting on Wednesday between eurozone finance ministers to vote on approving the bailout.
How about Indonesia stock market today? Bisnis Indonesia provides recommendations:
Today, the JCI may move within the range of 3,924-4,001. Several stocks to watch: BBRI, MAPI, and BUMI. Yesterday, the JCI rose 1.27% to 3,961.90.
Technically, the index today may move within the range of 3,950-4,020. Several stocks for day trading: BSDE, ARNA, and PGAS.
Minna Padi Investama:
The index today may rise with resistance level at 4,005. The opportunity to collect several blue chips is still open. Several stocks to watch: BMRI, HRUM, and BBNI.
Disclosure: No position at the stock mentioned above.
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