Another totally absurd, maddening day if you’re bearish on this market, as not even the shocking Apple news was able to cause a ripple.But first, the scoreboard:
S&P 500: +1.78
And now, the top stories:
- The big shock of the day came yesterday morning when Apple stunned the world by announcing that CEO Steve Jobs would be taking yet another health break from the company. The duration of his departure is unclear, and the stock plunged nearly 10% in German trading.
- As for other international activity, the activity was mixed. China tanked pretty hard on Monday. Europe, meanwhile, has generally been surging with stocks and the currency (and to a lesser extent sovereign bonds) all rather strong.
- US futures dived yesterday on the Apple news, but by this morning everything was already coming back. In the end, it only fell 2%. Click here to see 13 huge signs of a bubble >
- And thus the bears frustration began. Apple just chugged and chugged higher all day until ending where it did. Citigroup reported weak earnings, but it only affected Citigroup… nothing else. Also among losers: Two big Chinese internet stocks (Dang Dang and Youku).
- Basically it was, with little fanfare, an old fashioned risk-on day that got started off on the right foot, and then just stayed there the rest of the day.
- Both Apple and IBM report earnings after the bell Update: IBM is out and it’s strong. Apple’s earnings were ridiculously good.
- Click here to see 12 stocks that will crush earnings estimates this quarter.