Stocks Reverse Off Lows, Gain 2%

Fundamental Take:
The market gained 152 points today reversing morning pessimism and steadily rallying. This morning, the ADP reported a loss of 742,000 private-sector jobs in March, the most since records began in 2001. The ADP report is widely seen as an early look into the closely watched Labor Department monthly jobs report due on Friday now estimated at a loss of 730,000 jobs, by including 12,000 in government workforce additions. Shelia Bair, Chairman of the FDIC, encouraged investors early stating that she is cautiously optimistic on the US banking sector believing many banks have stabilized and are turning profits. Better-than-expected economic numbers on home sales and manufacturing further convinced investors that the economic downturn may be moderating. The G20 meets in London this week while protesters riot in the streets with officials discussing solutions for ending the global economic slowdown.

Technical Take:
Stocks continue in consolidation mode reversing a large gap down into support and closing at highs as a strong bid remains in financial shares. The Dow gapped down 100 points and promptly reversed higher mounting a large climb of over 250 points to close up 152 points for the session. The Dow closed at 7,761 maintaining its recent strength but still has significant resistance at 8,000.