(Bloomberg) — Stocks saw their best three-day rally since November, fueled by speculation the Federal Reserve will be able to cut interest rates this year.
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The S&P 500 rose 1% after topping its average price of the past 50 days — a level seen by many chartists as key in maintaining the positive sentiment. A solid earnings season kept driving optimism after a pullback that made some areas of the market attractive. While the below-average trading volume raised concern about the sustainability of the advance, most industries gained.
“Bulls will be looking to maintain their momentum after snatching last week from the jaws of bears,” according to Chris Larkin at E*Trade from Morgan Stanley. “This week is light on high-profile economic data, but heavy on Fed members hitting the speaking circuit. Traders will be dissecting any comments they make about potential rate cuts.”
The US equity benchmark rose above…
