US Stocks, Led By Broad Market Rally, Soared Yesterday

US stocks finished deep in the black yesterday, as the markets gained strength, driven by the S&P 500 crossing its 200-day moving average. The euro also surged beyond $1.23, reflecting investor confidence in Europe's ability to resolve the sovereign debt crisis. The Dow Jones Industrial Average jumped 213.88 points, or 2.1%, to 10,404.77. The S&P 500 advanced 25.60 points, or 2.4%, to 1,115.23, while the Nasdaq Composite Index rose 61.92 points, or 2.8%, to finish at 2,305.88. According to Jefferies & Company’s chief market strategist Art Hogan, the Dow’s rise above its 200-day moving average is ‘a clear signal that things have gotten better.’ All the 30 components of the index ended in the positive. Boeing

and Caterpillar Inc

led the gains by climbing 4.1% and 4%, respectively. Shares of BP PLC

soared 2.4% to $31.40. Industrial equipment maker Illinois Tool Works Inc

jumped 2.48% after the company upped the lower end of its fiscal Q2 projection. Best Buy Company

, which announced that its Q1 profits and sales missed Wall Street view, plunged 6.07%. Read more