Why is the market up? There were plenty of traders expecting a "sell on the news" scenario that went like this: As soon as the deal to end the government shutdown was announced, markets would curb their enthusiasm because the focus would be on earnings season. That would make companies lowering fourth-quarter earnings expectations on weaker-than-expected growth.
A lot of traders are eager to see the market drop 3 to 5 percent so they can buy lower going into the seasonally strong end of the year. However, so far that's been wrong. There has been no drop in the market.
Maybe because the market senses that the cautious earnings guidance everyone is expecting will lead to an extention of support from the Federal Reserve, but even given that, the strength is impressive. One final note: Volume at the NYSE has been a bit above average for the last couple of days. Heavier volume as the market hits a new high? Hmmm. That's a confirmation.