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The big move we’ve all been waiting for is finally here – though not necessarily in the direction most analysts thought.
U.S. financial markets broke out of their month-long rut today, vaulting close to 2% as of 2:30 eastern time this afternoon. It’s the biggest one-day move stocks have made since August 3.
Given that U.S. markets were already trading close to four-year highs and that September is a notoriously bad month for stocks, many analysts expected the latest swing to go the other way.
But some strong economic data and the announcement of a bond-buying program by the European Central Bank is pushing the markets to levels not seen since late 2007.
Many of the most recognizable stocks on the market are hitting 52-week highs today. The following blue chips have already done so:
Exxon Mobil (NYSE: XOM)
New High: $89.25
Previous High: $88.91
Today’s Move: +1.7%
Google (NASDAQ: GOOG)
New High: $699.13
Previous High: $688.99
Today’s Move: 2.5%
Procter & Gamble (NYSE: PG)
New High: $68.23
Previous High: $67.95
Today’s Move: 1.3%
Wells Fargo (NYSE: WFC)
New High: $34.95
Previous High: $34.80
Today’s Move: 3.2%
Amazon (NASDAQ: AMZN)
New High: $252.28
Previous High: $251
Today’s Move: 1.1%
Amazon is actually hitting an all-time high. Procter & Gamble is at a four-year high. Google is within a couple dollars of reclaiming the $700-per-share mark for the first time since late 2007.
It’s all good for stocks right now. At least until tomorrow’s jobs report.