Equities extended their rebound
Equities extended their rebound with Europe closing little changed on balance after earlier swings. The major indices are 1.4-1.8% firmer now, perhaps fueled in part by the optimistic message from NEC Director Kudlow on the trade outlook. NASDAQ is pacing the bounce, while Zuckerberg's Congressional testimony was released with the predicted detailed "mea culpas" on the data scandal and vow to put users ahead of profits. Facebook is 1.3% firmer on the day after suspending another data mining app. VIX equity volatility is 5% lower near 20.40 and the dollar index is off 0.3% to 89.90. Within the Dow the top gainers are Merck +4.4% (Keytruda drug trial success), Intel +3.3% and Cisco +2.3%, while on the downside are GE -0.8% and P&G -0.3%. NYMEX crude is 2% firmer near $63.30 bbl, while gold is below highs near $1,333.