The S&P 500 index broke above its 50-day moving average in intraday trade on Friday, underlining an updraft for stocks that had sunk by 10% from a recent peak early last month. Most recently, the S&P 500 was up 38 points, or 1.4%, at 2,777, surging above its 50-day MA at 2,741.70, according to FactSet data. Market technicians pay attention to moving averages to help assess bullish and bearish momentum in an asset. The climb for the broad-market benchmark comes amid a better-than-expected jobs report for February, which helped to drive the Dow Jones Industrial Average up by 372 points, and the Nasdaq Composite Index to its first intraday record since slipping into correction territory, defined by many as a fall of at least 10% from a recent peak on Jan. 26. All three equity benchmarks have recovered considerably since that late-January low, with the Dow about 5% from its all-time high and the S&P 500 just about 3.4% from its record.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News