Posted by
alfredlester on Thursday, March 17, 2011 3:36:47 PM
NEW YORK (Reuters) - Stocks Gained on Thursday, bouncing back after Three Days of Decline as investors searched for bargains, But The near-term bearish outlook have IS Japan&&9;s Crisis Keeps Cautious investors.
All Three Major U.S. stock indexes Recovered from Wednesday&&9;s lows, Which could HAD Both The Benchmark S & P 500 and Nasdaq in negative territoire pour l&&9;année.
The S & P 500 climbed back Into the black for 2011 With Thursday&&9;s win. But The Nasdaq Could not hold on to morning icts move back Into Positive Territory. By early afternoon, The Nasdaq WAS negative again pour l&&9;année.
The CBOE Volatility Index, or VIX (. VIX), Fell as stocks rose.It Was down 9.3 percent after rising sharply this week.
Trading volume, Which Was The Highest of the Year on Wednesday, WAS at 4.3 billion, Roughly average for trading at this point in The Session.
While the Day&&9;s bounce Relieved Some Worries About the market&&9;s recent slide, It Did not Change the view of Some analysts That a correction Is Under Way.
From a positive standpoint chart, "I do not see right now That suggests Anything thats the near-term decline is over," Said Chris Burba, short-term market technician at Standard & Poor&&9;s in New York.
"Momentum Is Still ... I do not think weakening The Fear Is Going To Be Expelled, alleviated all at once, It&&9;s going to take Optimism for Some Time to build back up again."
He Sees from 1.177 to 1.217 As The downside target range near term pour la On The S & P 500.
The recent decline Followed a rally of Nearly Six Months in stock.That rally has Prompted in Itself calls for a market correction.
On Thursday, natural resource stocks helped lead The Market Commodity Prices have rebounded infrared heaters. Tensions in the Middle East and North Africa drove Oil Prices up sharply. Brent crude for May delivery Gained $ 3.82 to $ 114.42 a barrel.
Cliffs Natural Resources Inc. (CLF.N) rose 5 percent to $ 87.89, while Chevron Corp. (CVX.N) Gained 01.09 Percent to $ 101.45.
The S & P energy index (. GSPE) shot up 2.3 percent, Leading Gains In The S & P 500, Even Though The prospect of Higher Fuel Costs in general stock investor oD Have hurt in recent weeks.
The Dow Jones industrial average (. DJI) up 113.04 points WAS, or 0.97 percent, at 11,726.34. The Standard & Poor&&9;s 500 Index (. SPX) up 12.61 WAS points, or 1.00 percent, at 1,269.49.The Nasdaq Composite Index (. IXIC) WAS up 23.68 points, or 0.90 percent, at 2,640.45.
A correction at this point Could Be Short-lived, Some analysis suggests.
Cleveland Rueckert, analyst at Birinyi Associates annum Inc.. in Stamford, Connecticut, Said in a note: "Since 1945, 5 percent DISCLAIMED That Occur Düring at Broad rally last year average of 41 days and 8.29 percent decline.
"If The averages hold, The S & P 500 Will bottom at 1.232" on March 31, Rueckert wrote.
Economic bellwether FedEx Corp. (FDX.N), The World&&9;s Largest Cargo Airlines, Improved revenue forecast, Boosted by strong demand. The stock rose 4.1 percent to $ 88.76 and helped lift the Share of United Parcel Service Inc. (UPS.N), The Largest Package Delivery Company. UPS stock Gained 1.5 percent to $ 71.44.
(Reporting by Caroline Valetkevitch; Additional reporting by Doris Frankel, Editing by Jan Paschal)
Wall Street gains, goal Cautious outlook on Japan
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