Wall Street is relieved to see the market take a break and regroup after reaching a strongly overbought condition yesterday. Most analysts see further advances coming soon. The only dark cloud on the horizon is the price of crude oil which hit a 9-year high today clobbering the transports and instigating higher bond yields.
Higher yields draws money off the stock market and into bonds.
Volume was strong with 950 millions shares traded. The financials were weak, while the oil stocks boomed. Today was the heaviest volume day in stock market history on the Nasdaq with 1.6 billion shares traded. Both numbers met the expectations of economists. Apple's Power PC partners, IBM and Motorola went different directions.