Rally On Wall Street

Wall Street rallied today as declining oil prices provided the needed catalyst for bull investors to start buying once again. The Dow jumped 152 points to 11,384, while the Nasdaq gained 51 points to finish at 2,294.

As we have written before, there will not be a substantial rally in the financial markets until oil prices start to drop. Today was a good beginning with oil prices falling over $5, but we need to see further drops in the coming days.

Internet stocks participated in the rally today with ecommerce stocks doing particularly well. Leading the way was a nearly 10% gain in 1-800-Flowers (FLWS: 2.89 0.00%) and an 8% gain in Bidz (BIDZ: 0.54 0.00%). Other big winners included Overstock (OSTK: 7.1798 +1.41%), Tech Target (TTGT: 7.58 -1.43%), The Nine Ltd (NCTY: 7.49 +2.32%), and Perfect World (PWRD: 12.28 -5.10%) all gaining over 7%.

Small cap internet stocks failed partake in the markets rally, with the small cap sector ending down 3%. Autobytel (ABTL: 0.903 -2.90%) fell over 11% and U.S. Auto Parts (PRTS: 4.885 +1.14%) fell 5%.

The falling oil prices was felt the most in the airline stock sector. The major airlines jumped a whopping 16% today with Northwest Airlines (NWA: 0.00 N/A) leading the way with a 31% gain.