Despite a weaker-than-expected final 4Q10 GDP reading of 2.8%, the Dow rose 62 points or 0.5% to 12130 (-2.1% wow) after tumbling 323 points in three consecutive sessions.
The technical bounce was driven by a strong Feb consumer sentiment index, gains of Dow components such as Boeing and Intel coupled with reassurance from Saudi Arabia and the International Energy Agency that they can compensate for any disruption of Libyan shipments.
As earnings season largely over, Dow will track other factors such as the Mideast and US economic news flow. Key economic data slated for this week are Jan consumer spending (Feb 28), Feb ISM (Mar 1), Feb Beige book/ ADP reports (Mar 2), Feb non-ISM (Mar 3) and Feb payroll (Mar 4).
Weekly Dow Jones Shows Downside Bias
Dow Jones Is Base Building Above The Lower Bollinger Band
Source: StockCharts.com
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