Market Wrap

Here is a quick wrap of the session:

• The Dow and Nasdaq advanced for a second day as technology and bank stocks rallied.
• The S&P 500 reached its highest close since early February. The market overcame a disappointing report on May housing starts and a bankruptcy filing by the biggest U.S. operator of shopping malls.
• Semiconductor stocks were among the leaders. Nokia gained 1.52 to 14.88 after reassuring investors it can meet profit goals in the first half of the year. Texas Instruments, whose chips are used in mobile phones, rose 79 cents to 17.80.
• Bank stocks erased early declines when Regions Financial said it would report a first quarter profit. Shares of Regions gained 1.70 to 6.70. JP Morgan Chase closed up 68 cents at 33.24 after exceeding estimates for first quarter earnings.
• Harley Davidson was another star performer. Shares gained 98 cents to 18.11. Harley posted better-than-expected profits and expanded a plan to cut jobs.
• The Dow closed up 95 at 8125.
• NYSE volume totaled just over 1.6 billion shares.
• The S&P 500 was up 13 points. The Nasdaq gained 43.
• Advancing issues beat decliners by nearly 4-1 on the NYSE and by 5-2 on the Nasdaq.
• The 10-year Treasury note dropped 18/32 to yield 2.83%.

Trading comment: Another late-day rally showed up with surprising strength. The chart below shows that uptrend for the SPX that has been in place since the March 9th bottom. Yestereday, the SPX successfully bounced off that uptrend line again, keeping the trend intact for now.