Wednesday, April 16, 2013 -
Like a game of ping pong, the bulls came to bargain hunt given this is a short week, with the market closed for Good Friday. Stocks moved sharply higher over the course of Wednesday’s trading, reclaiming much of the steep losses seen last week. The markets likely benefited a few positive earnings from important companies and more dovish remarks by Federal Reserve Chairman Janet Yellen.
As the day moved toward the close, the major indexes saw further upside, suggesting the buying may now have momentum – even if only for another day or two. The Dow surged 162 points (+1.0%) to 16,425, the Nasdaq jumped 52 points (+1.3%) to 4,086 and the S&P 500 shot up 19 points (+1.1%) to 1,862. The NYSE finished at +1.0% and the small cap Russell 2000 at +1.1%.
Earnings “Beat Expectations”
The continued rebound this week was partly due to some upbeat tech earnings, as shares of Yahoo surged and semiconductor giant Intel advanced with the market after both companies reported better than expected earnings. Unfortunately, while Yahoo significantly exceeded expectations neither company reported actual year-over-year earnings growth – once again the “beat expectations” strategy . . . . . .
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