Another late day move up by the Dow, which hit lows early in the morning and gone straight up in the afternoon. Rally off the lows, led by big-cap energy (Exxon , Chevron ), telecom (Verizon , AT&T ), and insurance (Travelers )...
...but not tech. What's up?
I don't think the rally is over, but traders today were clearly getting antsy, particularly over the low volume. Apple and its suppliers like Broadcom have been weak all day, but IBM and tech services competitor Accenture have both had big up days.
And the Dow? It keeps hanging in there — not a single triple-digit decline this year! Not since December 28! Pretty remarkable record.
Another lousy month for hedge funds. BarclayHedge report this morning outlining hedge fund performance raised a few eyebrows: hedge funds overall gained 3.1 percent in January, but the S&P 500 was up 4.2 percent. For this we're paying two percent management fee and twenty percent of the profits?
More: Hedge funds saw $15.2 billion in redemptions (0.9 percent of assets), in the biggest monthly outflow since July 2009.
_____________________________Bookmark CNBC Data Pages:Page 1 of 2 | Next Page