Stocks Headed for a Second Straight Higher Finish

Stocks are headed for a second straight higher finish in trading today, with all three major indexes currently near the session highs. Stocks have been pushed higher by some solid economic data released in the U.S. earlier today and a surprise rate cut from the European Central Bank. Stocks are also rising as worries about Greece eased a little after the country abandoned a referendum on bailout package.

The surprise referendum call had put the Europe’s plan to stem the debt crisis in danger. However, pressure from European leaders made Greece to abandon the referendum. Still there is a great deal of uncertainty over Greece as the country’s Prime Minister has come under severe criticism for calling a referendum on the bailout package. It also uncertain whether Greece will receive the next tranche of bailout funds as the country has not yet implemented deeper budget cuts needed to receive the funds.

Amid the uncertainty stocks have bounced back sharply in last two days after Tuesday’s huge sell-off. The Dow Jones is currently trading 1.66% higher at 12,032.06, the S&P 500 is currently trading 1.96% higher at 1,262.11, and the Nasdaq is currently trading 2.15% higher at 2,696.75.

All sectors in the S&P 500 are headed for a strong finish today. Industrials are leading the gains in the S&P 500 in late trading. At last check, Industrials were trading 2.99% higher. Conglomerates have also risen sharply in trading today. At last check, Conglomerates were trading 2.61% higher. Basic Materials stocks are up 2%, while Energy stocks are up 1.78% in late trading.

Among the major gainers in late trading are Estee Lauder Companies Inc. (NYSE: EL), which is currently trading 17.97% higher at $118.95, Aeropostale Inc. (NYSE: ARO), which is currently trading 18.78% higher at $17.01, and CVS Caremark Corporation (NYSE: CVS), which is currently trading 4.19% higher at $37.27.

Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.