Things were looking bad early on, and the newsflow didn’t help much, but in the final tally, it was the bears screaming “manipulation” as stocks ended nicely higher.
But first, the scoreboard:
S&P 500: +12
And now, the key stories:
- The tone for the market was really set about 24 hours ago, when IBM and Texas Instruments confirmed the official trend of earnings season: weak top-line, strong bottom line. Monday evening futures fell accordingly.
- Europe basically continued the trend today, and US markets slumped heading into the opening bell. There were two negative events early on: the weak Goldman earnings, and a weak new home sales. But the market selloff didn’t react too hard on that.
- Markets did open very weak, but then as the day wore on, the bulls took charge. Doug Kass made the call that stocks would at some point end higher, but in the end, they did more than that, obviously.
- The sharp back and forth action definitely favoured gold, which broke out of its recent trend of, well, falling most days.
- One notable economic event: The Senate passed a key vote to extend unemployment benefits.
- The big story of the day will be Apple’s earnings after the bell, which, because it’s Apple won’t be indicative of too much on the Macro front (update: they’re awesome), but will affect a lot of investors and the indices, since Apple is such a dominant stock. Also in tech-land, Yahoo reports after hours. Click here to see 12 stocks that could move on Apple earnings >