Stocks closed out the week on a high note, with the major indices shaking off ongoing weakness in Apple (NASDAQ:AAPL) to finish in positive territory.
Before market open, we saw a number of positive earnings surprises from the likes of Procter & Gamble
(NYSE:HAL), and Oshkosh Corporation
(NASDAQ:NFLX) was a notable standout with a 15% rally. Following yesterday's monster earnings-driven move, the movie streaming/DVD delivery company is up 60% in just two trading days.
In economics news, the December new home sales number came in at 369K, slightly ahead of expectations.
We also saw significant weakness in US Treasuries due to better-than-expected European economic data, which also pushed down German bunds.
However, some market commentators believe investors are rotating money out of bonds into stocks, which could make sense given rising investor sentiment, improved trading volumes at online brokerage firms like TD Ameritrade
(NYSE:AMTD), and increased inflows to equity mutual funds and ETFS.
Tomorrow's Financial Outlook
On Monday, we will see two important economic data releases. The December durable goods report will be released at 8:30 a.m. EST, which, while extremely volatile and difficult to predict, tends to be market-moving. At 10:00 a.m. EST, the December pending home sales report comes out.
In earnings news, key Dow Jones Industrial Average component Caterpillar
(NYSE:CAT) and biotech giant Biogen Idec
(NASDAQ:BIIB) will report before the open. After the close, we'll see numbers from Celanese
(NYSE:VMW), and Yahoo
No positions in stocks mentioned.
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