The recent rally in the stock market continued today, as the major indexes reached new heights for the year during intraday trading, with the Dow and S&P 500 up nearly 1 percent.
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The latest batch of earnings took a toll on the market Friday but the Dow still pulled off a gain in the final half hour of trading, capping its best two-week performance since 2000. Microsoft shares fell more than 8%.
Stocks took a hit Friday as a drop in consumer sentiment exacerbated losses triggered by a disappointing round of earnings from Microsoft, Amazon and AmEx. But the Dow poked higher in afternoon trading Microsoft shares fell nearly 10%.
The bears were caught by surprise on Friday with the S&P 500 turning positive, despite rather disappointing earnings from Microsoft and weakness from Schlumberger.
Stocks skidded Friday as a drop in consumer sentiment exacerbated losses triggered by a disappointing round of earnings from American Express, Amazon and Microsoft.
While the S&P 500 is up 3.8 percent this week, the S&P 500 equal-weighted index, which gives each of the 500 stocks an equal weighting, is up 4.7 percent this week. In other words, this has been a fairly broad rally, with lots of stocks participating in the rally.
Futures indicated a lower open for Wall Street on Friday, probably due to earnings exhaustion, as after-the-bell results reports from American Express, Amazon.com and Microsoft disappointed investors.
The S&P edged higher on Thursday with investors rotating into beaten down energy names and financials and out of consumer staples and pharma.
The S&P 500 fell to its lowest level in 10 weeks on Tuesday as talk of a second government stimulus plan heightened fears that the economy remains weak.
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The Dow closed down by triple digits on Thursday with the widespread selling extended for an extra 15 minutes on the NYSE...
After months of wondering whether the recovery is for real, investors may get the chance to find out when second-quarter earnings start rolling in.
The Dow closed lower with investors worried about consumer spending after a government report showed the savings rate rose in May to a 15-year high.
The oil services sector was the top gainer in the S&P for the first half of 2009, and Stephen Gengaro, managing director of Jefferies, said the sector will continue to be a good bet in the second half.
Stocks suffered their worst one-day loss in two months driving the S&P 500 back into negative territory for the year.
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