While buying interest has waned somewhat from earlier in the session, significant strength remains visible on Wall Street in mid-afternoon trading on Thursday, as investors react positively to news from the G20 summit in London as well as some mixed economic news.
In an interview with RTT News, Donald Selkin, chief investment strategist at National Securities, called the current rally the end of the bear market. I do believe the lows will hold, which means that the bear market is over, he said.
However, Selkin expressed concern about going into Friday's jobs report with such strength because it limits the potential for upside surprises.
Selkin acknowledged that there are still a lot of minefields out there, highlighting the upcoming earnings season, but he said the best strategy for investors right now is to buy on pullbacks.
The major averages have moved roughly sideways in recent trading, hovering firmly in positive territory but off their best levels of the day. The Dow is currently up 252.56 at 8,014.16, the Nasdaq is up 54.95 at 1,606.55 and the S&P 500 is up 26.38 at 837.46.
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