The S&P 500
(INDEXSP:.INX) once again defied the skeptics by putting in a solid rally to finish higher for the sixth straight week.
Many market strategists have been calling for a pullback due to too-bullish sentiment, yet the market is in the middle of yet another slow grind higher up the wall of worry.
Earnings season continued today, with better-than-expected earnings from CBOE Holdings
(NASDAQ:CBOE) and American Axle
(NYSE:AXL), and weak reports from Laboratory Corp.
(NYSE:LH) and Louisiana-Pacific
But the real stock story today was Moody's
(NYSE:MCO), which suffered a big decline despite a better-than-expected earnings report as investors grow concerned over the spillover from the Department of Justice's investigation of fellow bond rater Standard & Poor's
(NYSE:MHP). Though on a more positive note, social media powerhouse LinkedIn
(NYSE:LNKD) skyrocketed on yesterday afternoon's monster earnings numbers.
In economic news, the December Trade Balance was reported at -$38.5 billion, which was better than expected. Additionally, December wholesale inventories came in at -0.1%, which was lower than the +0.3% consensus forecast.
Monday's Financial Outlook
Before the open on Monday, we will see earnings reports from Loews Corp.
(NYSE:L), American Capital
(NASDAQ:ACAS), and Radian Group
(NYSE:RDN). After the close, TW Telecom
(NYSE:BNNY), and Masco
(NYSE:MAS) will deliver their numbers.
There are no major economic reports scheduled for Monday.
No positions in stocks mentioned.
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