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U.S. markets are coming off another wild week of trading, where the Dow saw its most volatile period since 2011. The S&P 500 ended the day up 0.91%, the Dow gained 0.12% after a late-day rally and the Nasdaq posted a 1.35% gain. Investors have been nervous over the spread of Ebola of recent; however, there was a sigh of relief over the weekend when fears surrounding the virus lessened as no new cases were reported.Over the past three weeks investors have been hoping for some solid earnings reports to act as a stabilizing agent to all of the volatility in the markets. Heading into Monday, 64% of the 81 companies that have reported earnings have topped expectations, which is above the long-term average of 63%, according to Thomson Reuters.
There were great numbers from Chipotle (CMG) that topped expectations today, but the stars didn’t align for IBM however. The company came out with a weak quarterly earnings report that missed expectations by a wide margin. Shares fell more than 7% to $168.81 and were a big drag on the Dow. This week, 128 S&P 500 companies and 12 Dow names report earnings.
With the markets having bounced back for 2 days in a row, the Domestic TTI has inched back above its long-term trend line by a fraction; however, it’s not enough to change our current investment stance. See section 3 for more details.
Technically speaking, the S&P 500 is bouncing against overhead resistance at 1,905 while also attempting to conquer its widely followed 200 day MA. For some detailed analysis please read “How far will the stock market rebound go?”
Contact Info:
Name: Ulli Niemann
Email: Send Email
Organization: Successful Investment.com
Website: http://www.theetfbully.com/
Release ID: 66456
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