Stock Market Today: Retail Roars Back, Markets Build Positive Momo
The major indexes staged a second consecutive sizable rally Thursday amid a number of encouraging retail reports and more signs that perhaps the recent downturn was a touch overdone.
Michael Reinking, senior market strategist for the New York Stock Exchange, noted an important potential sea change in yesterday's trading – namely, Dick's (DKS) and other retailers reversed early losses and led the market higher. "That type of price action where stocks rally despite 'bad news' suggested that expectations, at least in the short-term, had been sufficiently reset," he says.
The then followed through
