NASDAQ 4,750.40 +82.98 points or +1.78%
Russell 2000 1,190.37 +24.12 points or +2.07%
The Stock Market sprinted higher erasing the S&P 500 indexes losses for the year on the ECB stimulus plan. The Market opened slightly higher, dipped back into negative territory around 10 am ET, and then rallied strong the remainder of the day closing up near the days highs. The small cap sector, the Russell 2000 led the rally leaping up over 2 percent for the day. February Crude Oil futures rallied over 2 percent on the news that Saudi Arabia's King Abdullah died. His death gave some investors hope that the King's successor might change the King's oil supply policy and cut back production to help prop up crude oil prices.
The volatility index, the VIX, plunged 13 percent to close down at 16.40 on the Market rally. The 10 Year Treasury bond yield jumped up to close around 1.90 percent. Trading volume saw about 7.8 billion shares changing hands across all trading venues, according to BATS exchange data.
All released and proposed to be released economic reports for the week are listed below.
10:00 am NAHB Housing Market Index report for January was 57. The Market was expecting 58. The prior reported figure was revised from 57 to 58.
7:00 am MBA Mortgage Index report for January 17 was 14.2 percent. The prior reported for 49.1 percent.
8:30 am Housing Starts report for December was 1089k. The Market was expecting 1040k. The prior reported figure was revised from 1028k to 1043k.
8:30 am Building Permits report for December was 1032k. The Market was expecting 1060k. The prior reported figure was revised from 1035k to 1052k.
8:30 am Initial Claims report for January 17 was 307k. The Market was expecting 302k. The prior reported figure was revised from 316k to 317k.
8:30 am Continuing Claims report for January 10 was 2443k. The Market was expecting 2400k. The prior reported figure was revised from 2424k to 2428k.
9:00 am FHFA Housing Price Index report for November was 0.8 percent. The prior reported figure revised from 0.6 percent to 0.4 percent.
10:30 am Natural Gas Inventories report for January 17 was down -216bcf. The prior reported figure was down -236bcf.
11:00 am Crude Inventories report for January 17 was 10.071M. The prior reported figure was 5.389M.
10:00 am Existing Home Sales report for December
10:00 am Leading Indicators report for December