US stocks extend gains with the S&P 500 up 70 points. Europe surges

SPX daily

Large cap stocks are leading a reversal higher in US equities.

The market opened lower but is steadily marching higher and now up 71 points, or 1.7%, to 4360.

That two-candle reversal is a nice one and prevented a close below the January lows.

Despite the gains in stocks, we’re not seeing much flow-through into stocks.

Closing changes in Europe:

  • FTSE 100 +3.9% — best in three months
  • German DAX +3.5%
  • French CAC +3.5%
  • Spain IBEX +1.5%
  • Italy MIB +3.6%

The turnaround in the US happened after the European close yesterday so it was a big catchup trade.

On the week:

  • FTSE 100 -0.25%
  • German DAX -3.3%
  • French CAC -2.5%
  • Spain IBEX -1.1%
  • Italy MIB -2.8%
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