Stocks lost a little ground in the final minutes of trading, but were still significantly higher, after the Federal Reserve reported it has seen "modest signs of growth" in the economy and as investors focused on strong earnings reports and a slide in the dollar. Boeing and Intel rose.
Stocks added to gains after several companies posted positive earnings results and as investors shrugged off concerns about the effect of the foreclosure crisis on banks and a rise in Chinese interest rates. Boeing and DuPont rose, while Bank of America fell.
"The last ten years have conditioned people to think short term as opposed to long term," Bill Miller said. "Now, stocks are cheap and people should buy good, quality companies at reasonable prices, put them away and ignore the fluctuations of the markets."
Stock index futures pointed to a slightly higher open for Wall Street ahead of yet another batch of earnings, but concerns over the global economic recovery persisted after China unexpectedly raised interest rates to curb economic growth.
One day does not a market make, but stocks may have hit a temporary rough patch.
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Stocks closed higher as Citigroup's earnings lifted bank stocks ahead of a cluster of earnings reports this week, including Apple and IBM, which report after the market closes. Bank of America and JPMorgan rose, while Intel and Home Depot fell.
Stocks rose as Citigroup's earnings lifted bank stocks ahead of a cluster of earnings reports this week. Bank of America and JPMorgan rose, while Intel and GE fell.
Investors were struggling with how to game the financial sector ahead of a slew of bank earnings in the days ahead. What's the trade?
The bank bounce today comes after a rough week for the sector last week as concerns over the foreclosure crisis heavily weighed.
Last week I argued that the worst fears about devastating put-back exposures at banks were overblown. Regardless of violations of representations and warranties banks made when they sold mortgage bonds, I think it is unlikely that banks will suddenly find themselves liable for financially-crippling levels of mortgage repurchases.
Stocks turned mixed as Citigroup earnings lifted bank stocks, but a decline in tech stocks took strength out of the Nasdaq. JPMorgan and Exxon Mobil rose, while Intel fell.
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Stocks ended higher for the week, but mixed for the day as financial stocks dragged down the Dow and technology stocks lifted the Nasdaq. GE and Bank of America fell, HP rose.
On Friday the Nasdaq ended sharply higher yet the S&P dropped due to more bank woes. That divergence can't last, can it?
Stocks were mixed ahead of the closing bell as the financial stocks dragged down the Dow and technology stocks lifted the Nasdaq. GE and Bank of America fell, HP rose.
I hope you really, really like the phrase "put-back exposure."
Stocks came back from the lows of the session in the last few minutes of the session to end just slightly lower after a tepid government bond auction, a disappointing jobs report and the fallout continued over foreclosure practices at major banks. Bank of America and JPMorgan fell, while McDonald's rose.