Stocks rallied today after strong economic reports on Retail Sales data and Weekly Jobless Claims this morning. Weekly Jobless Claims fell by 12K from last week and Retail Sales data were 0.6% for May versus expectation of 0.2% led by strong Car Sales. Japan's stock market officially entered in bear territory today nearing the level seen before the announcement of turbo-charged stimulus measure by Bank of Japan in the beginning of April. US Stock futures were negative early in the morning following big losses in Japan and rest of Asia. But the stocks opened near flat line after strong economic data and then moved higher in light volume trading. An article by Wall Street Journal's Fed Watcher Jon Hilsenrath in the afternoon mentioned that the tapering of Fed's Bond buying program doesn't mean the bond buying is going to stop all at once and the beginning of interest rate hike is still far away. That helped the stocks in the last hour trading to close even stronger. Major indexes posted between 1.2% and 1.5% for the day. SPY closed at $164.21 leaving a cushion of $5.21 for our trade with last day of trading left for the week tomorrow.
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