The major indices dip from opening highs, but still sport gains of roughly 4%. Buying interest is broad-based, led by telecom (+5.6%) and healthcare (+5.7%) stocks.
General Electric (GE 21.30, -0.23) -- the second largest U.S.
company by market cap behind Exxon Mobil (XOM 64.27, +2.06) -- is
failing to participate in this session's rally despite GE's diversified
business portfolio. The industrial sector is underperforming on a relative basis with a gain of 2.0%.
Commodities (+1.0%) and oil (+3.6% at $80.45) are posting
strong gains, although they have retreated from earlier levels. The
dollar is up 2.2% against a basket of world currencies.
The bond market is closed in observance of Columbus day.