U.S. stocks enjoyed a rally that pushed the S&P 500 back into positive territory for the year after Federal Reserve Chair Yellen stressed caution in raising interest rates. Yellen also said the fallout from market turmoil earlier this year on the economy looked to be minimal. Comcast's (CMCSA) NBC has already sold $1 billion in national advertising for the upcoming summer Olympics. The Rio Olympics are one of the few when high-profile events such as track and field will be broadcast during North American prime time. LinkedIn (LNKD) moved cautiously higher despite Barclays downgrading the stock to EQUAL WEIGHT from OVERWEIGHT. Spices company McCormick (MKC) climbed after raising its outlook following a better-than-expected first quarter.
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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.