Commodities Lead Midday Rally
Remember when high oil was a problem for stocks?
It's a strange day: This is a commodity-led rally — as silver and gold hit new highs, and crude sits just below new highs, the midday stock advance is being led by energy and material names.
As I've noted, earnings seasonis not off to a good start, as Texas Instruments , Harley Davidson and Goldman Sachs have joined Alcoa , JPMorgan , Google and Bank of America with lackluster responses to their earnings reports.
But look outside the U.S.: growth names in China have had a bid all week. We are hitting new highs on Baidu , Focus Media , Qihoo , Yoku.com , and Sina .
Investors are continuing to bet where they see growth — and the growth is in commodities, and the biggest consumer of commodities: China.
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