Market Reaching Short-term Overbought Levels

Despite a handful of economic reports that didn't quite measure up to
expectations, stocks gained for the third consecutive session. The catalyst for
the rise was a drop in jobless claims and better-than-expected earnings from
Bank of America (NYSE: BAC ). And the euro rose by 0.8% against the U.S. dollar,
which also had a positive impact on stocks. At the close, the Dow Jones
Industrial Average was up 46 points to 12,625, the S&P 500 rose 6 points to
1,315, and the Nasdaq