Investors Feel Free to Roam About the Market

A few weeks back it seemed no news, no matter how good, could give stocks a lift. Today, conversely, stock proxies were able to sidestep two potentially damaging events: A much weaker than expected Philadelphia Fed manufacturing survey and Standard & Poor's placing four major Wall Street firms on credit watch with negative implications.

Some weakness emerged after the 12 p.m. EDT release of the Philly Fed report, but stock proxies rallied (again) in the final 90 minutes of trading. The Dow Jones Industrial Average closed up 0.9% to 8818.14 after trading as high as 8854.21 and as low as 8687.92.

The S&P 500 finished up 1.1% to 930.25, its highest close since July 9, vs. its earlier high of 933.28 and nadir of 918.15. Meanwhile, the Nasdaq Composite rose 0.8% to 1345.01 after trading as high as 1350.92 and as low as 1322.11. ...