Reply #159: 2:09 EST partying like it's 1929!

[UpInArms]

Dow 12,198.09 87.85 (0.73%)
Nasdaq 2,268.01 24.14 (1.08%)
S&P 500 1,321.29 12.52 (0.96%)
10-Yr Bond 3.549% 0.066

NYSE Volume 3,410,954,250
Nasdaq Volume 1,584,607,125

2:00 pm : The major indices stall for a bit and then extend their gains. There does not appear to be one specific catalyst for the recent surge, although the thrifts & mortgages group (+6.5%) saw a huge lift after being down as much as 5.6%. Representative Barney Frank wants the government to pledge up to $300 billion in loan guarantees to help stem foreclosures, according to MarketWatch.com.

The Nasdaq is outperforming the S&P 500, partly due to strength in Research In Motion (RIMM 104.17, +2.78), which is not included in the S&P because it is a Canadian company.DJ30 +73.76 NASDAQ +23.02 SP500 +9.36 NASDAQ Dec/Adv/Vol 1195/1656/1.51 bln NYSE Dec/Adv/Vol 1388/1721/1.12 bln

1:30 pm : The major indices rebound into the green as they trade at their best levels of the session. The advance has been broad-based with eight of the ten sectors now posting a gain.

Homebuilders are leading the way with a 6% advance, with the thrifts & mortgages group following closely behind with a 5.7% gain.

In typical fashion, crude oil has traded in a choppy manner. Oil is down 0.4% to $109.54 per barrel after hitting an all-time high of $111.00 in earlier trade.

Mean while the 10-year note price has plummeted after there was weak demand during its auction.DJ30 +25.32 NASDAQ +18.24 SP500 +5.18 NASDAQ Dec/Adv/Vol 1246/1574/1.36 bln NYSE Dec/Adv/Vol 1543/1547/1.01 bln