U.S. stocks head into Friday at the highest levels of the year. The Dow Jones Industrial Average had a surprise gain Thursday, sending the blue chips into positive territory for the first time since 2016. The Dow has gained 11% since JP Morgan Chase CEO Jamie Dimon said he would buy his company's stock. That is being known as the 'Dimon bottom'. Markets pushed higher as crude oil prices surged. Oil is at its highest level since December. Tiffany (TIF) says earnings missed expectations but revenue beat. In January, Tiffany management warned it had a weak holiday sales season due to slow sales in the United States and Asia. It also blamed currency changes. Well, all those dollar bills tossed into the March Madness betting bucket can add up. The American Gaming Association says Americans will wager a record $9.2 billion on NCAA brackets this year. There is lots of Federal Reserve Action today. St. Louis Fed President James Bullard discusses the economy at the International Research Forum on Monetary Policy. New York Fed President William Dudley gives opening remarks at a conference at the bank. March Michigan Sentiment is released.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.