Stocks Advance as the Euro Rebounds

Stocks approach 2010 highs as European Debt fears subside

A bigger drop in jobless claims then expected did not stop the market from pushing higher, closing just off the highs of the session. What did help the market was a jump in pending home sales figures, suggesting buyers were out procuring new homes. Preliminary volume figures showed volume dropped on the day, but the underlying action was still positive. Financial and retail stocks were the big winners of the day as the European debt crisis fears subsided, giving a boost to banks. Alongside the rise in the market was the Euro stabilizing after its most recent run in with sellers. Leaders acted well Thursday and the market had a decent follow-through from Wednesday’s action.