Wall Street shrugs off inflation data to extend rally — Overnight Markets

Teva Pharmaceuticals Industries shot up 7.5 per cent after respected US billionaire investor Warren Buffett, head of Berkshire Hathaway, took a stake in the generic drug maker. With the turnaround, the major averages extended the upward move seen over the two previous sessions.

Hot Stock Analysis: Mattel, Inc.

The Standard & Poor's 500 index rose 35.69 points, or 1.3 percent, to 2,698.63.

The index family comprises two subsets of indices, the S&P 500 Bond Mega 30 Investment Grade Index and the S&P 500 Bond Mega 30 High Yield Index, tracking the 30 largest single issues within the investment grade and high yield segments respectively. Brent crude, used to price international oils, gained $1.64, or 2.6 percent, to $64.36 a barrel in London. Major indexes had been solidly higher in afternoon trading before the announcement.

The Dow is up 500.16 points, or 2 percent. Against the euro, the dollar is valued at $1.2302 compared to yesterday's $1.2352.

Wall Street stocks enjoyed more solid gains on Thursday (Feb 15), climbing for a fifth straight session and shrugging off fresh data showing higher inflation. The nature of the market and America's performance are at significant risk because of fundamental mistakes in policy. The Nasdaq composite climbed 130.10 points, or 1.9 percent, to 7,143.62. Therefore, the fund's excess return is predictable to underperform the benchmark by 35% in up markets and outperform by 35% during down markets.

The Dow rose 208 points, or 0.8 percent, to 25,098. The broad index rose as much as 0.7 percent. Mitsui Mining & Smelting slumped 4.7 percent and Mitsubishi Materials tumbled 8.8 percent. Dow futures were down 0.6 percent and the S&P 500 futures 0.6 percent lower.

Cisco gained 3.3 percent on upbeat results and forecast. Conversely, if an ETF's beta is 0.65, it is theoretically 35% less volatile than the market.

On the other hand, mining heavyweights BHP Billiton and Rio Tinto ended slightly higher, and blood products company CSL soared 5.1 percent after lifting its full-year profit guidance and half-year dividend.

Meanwhile, Australian stocks jumped 1.15 percent. Bullish sentiment among individual investors hit its highest level since mid-January in the American Association of Individual Investors' weekly survey. A stock market correction is different than a crash, which is greater in magnitude, and is also not the same as a bear market, which is a deeper and more prolonged period of declining prices.

Swiss bank Credit Suisse has jumped after revealing that its fourth quarter net loss narrowed from last year.

Molson Coors Brewing Co. shares rose 6.3% after better-than-expected earnings results. S&P mini futures sprang 0.4 percent on Thursday.

Big increases from Apple, Microsoft and Cisco drove the tech sector higher, helping to erase more of the swift drop stocks had in early February. The ratio between current volume and 3-month average value, also known as Relative volume was observed at 0.52, validating the stock's In Play state.

That comes a day after strong January consumer prices data raised fears of inflation and faster interest rate hikes.

The 10-year US Treasuries yield hit a four-year peak of 2.944% on Thursday and last stood at 2.910%. CNBC reports that the FTSE, CAC and DAX have risen by 0.74, 0.75 and 0.87% respectively.

"Investors are getting comfortable with the idea that growth is sufficient enough to withstand the expected rate increases that we're going to get as well the increases in inflation that we've seen", said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

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