Stocks are seeing continued strength in mid-afternoon trading on Wednesday after some early weakness. The strength comes as investors react positively to some mixed economic news and await news from the G20 conference in London.
Prior to the G20 summit, President Obama held a series of bilateral meetings with world leaders as he attempts to set the stage for a productive meeting.
Obama met with Russian President Dmitri Medvedev, releasing a joint statement in which they promised a fresh start in relations between our two countries.
We, the leaders of Russia and the United States, are ready to move beyond Cold War mentalities, the statement said.
Meanwhile, in an interview with RTT News, Sam Stovall, chief investment strategist of Standard & Poor's Equity Research said it is possible that the markets will see green arrows through the month of April because there's a good chance the bear market low was put in on March 9th.
In terms of this being the beginning of a bull market, Stovall said the jury is still out, though the improvements in economic data and market price fundamentals help make the bullish case. Stovall feels that longer-term investors who are willing to start dollar cost averaging will be rewarded down the road.
In recent trading, the major averages have pulled back off their highs for the session, although they remain firmly positive. The Dow is currently up 139.62 at 7,748.54, the Nasdaq is up 19.59 at 1,548.18 and the S&P 500 is up 11.82 at 809.69.
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