Bulls Ride QE2, Election Tailwinds
NEW YORK (
) -- Stocks rose to two-year highs last week amid some major market-moving news and the strong gains are predicted to continue, according to
TheStreet's
latest Bull vs. Bear survey.
As of 5 a.m. EST Monday, the poll finds survey-takers who were bullish on stocks tallying 489 votes, or 68.3%, of the 716 total votes cast. Bears came in with 143 votes, or 20%, while those neutral on stocks this week were at 84 votes, or 11.7%.
Poll participants expect the financial sector to lead gainers this week, while the housing sector is forecast to lead decliners.
The
Dow Jones Industrial Average
rose 2.9% last week to 11,444.08, the
S&P 500
gained 3.6% and the tech-heavy
Nasdaq
jumped 2.9%.
lafter Republicans gained control of the House of Representatives in midterm elections and the
Federal Reserve
said it would buy $600 billion worth of Treasuries to boost the economy. Also leading stocks higher was a report that said the U.S. added more jobs in October than expected, and positive earnings reports (almost three-quarters of the S&P 500 companies that have reported earnings so far this season have topped expectations, according to Thomson Reuters).
Premarket futures were suggesting U.S. stocks would open lower on Monday.
Asian stocks ended higher Monday, while European shares were falling at 5 a.m.
Earnings are expected this week from
Cisco
(CSCO) - Get Report
,
Macy's
(M) - Get Report
,
Dynegy
(DYN)
and
Nvidia
(NVDA) - Get Report
.
> > Bull or Bear? Vote in Our Poll
The poll closes at 9:15 a.m.
-- Written by Joseph Woelfel
>To contact the writer of this article, click here:
Joseph Woelfel
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