The markets charged higher on Thursday on the heels of the worst session of the year for the Dow as traders cheered upbeat data on the U.S. economy and encouraging headlines from Europe.
The Dow Jones Industrial Average, as quoted by foxbusiness.com, rose 123 points, or 0.96%, to 12904, the S&P 500 climbed 14.8 points, or 1.1%, to 1358 and the Nasdaq Composite gained 44 points, or 1.5%, to 2960.
Market participants are still closely eyeing developments out of Europe. European Union officials once again pushed back their decision on Greece's $169 billion bailout until Monday at the earliest.
However, Reuters reported in the late morning that they may move to approve the bailout on Monday. Additionally, a separate report from Reuters said the European Central Bank plans on exchanging its Greek bonds this weekend as part of a plan to help the country lessen its debt load.
The embattled country has a debt payment coming up on March 20, which it won't be able to make without the first tranche of rescue aid. A default of Greek debt, analysts have said, could imperil financial markets across the continent.
Eurozone blue chips slipped 0.45%, shedding much heavier losses, as tracked by the Euro Stoxx 50 index. Meanwhile, the euro turned course and climbed 0.09% to $1.3078. The dollar was down 0.15% against a basket of six world currencies as tracked by the dollar index.
How about Indonesia market today? Bisnis Indonesia provides recommendations:
Jakarta Composite Index (JCI) may continue to rise today. However, the rise is still limited, approaching support level of 3.895. Several stocks to watch: ELTY, INCO, and KLBF.
The JCI may move within the range of 3,875-3,963 with potential correction. Stocks to monitor: BDMN, BKSL, and BTPN.
Today, the JCI may move sideways with uptrend position. The support-resistance level is 3,900-3,956.
Minna Padi Investama:
The JCI may fluctuate within the range of 3,895-3,950. Watch banking stocks which starts to rebound. Several stocks to watch: BMRI, BBRI, and ASII.
Disclosure: No position at the stock mentioned above.
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