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Stocks Bounce Just in Time for the Weekend

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Today's financial recap and tomorrow's financial outlook.

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Stocks bounced back following yesterday's decline, though it wasn't enough to extend the S&P 500's (INDEXSP:.INX) winning streak to eight weeks.

One factor in the rally was St. Louis Fed President James Bullard's statement on CNBC that Fed policy would remain easy for a long time, allaying fears of an end to stimulative activity.

Additionally, Bloomberg cited sources close to the Fed saying that Fed Chairman Ben Bernanke was not particularly concerned about spawning asset bubbles, as had been reported recently.

Hewlett-Packard (NYSE:HPQ) was a notable winner today, rallying over 10% after the technology giant reported better-than-expected first-quarter results. We also saw outperformance in financials and small caps, with oil rebounding to finish in positive territory after an early decline.

In other earnings news, Abercrombie & Fitch (NYSE:ANF) and Interpublic (NYSE:IPG) beat expectations, while Charter Communications (NASDAQ:CHTR) disappointed.

Monday's Financial Outlook

On Monday, we'll see a host of earnings reports. Major names include 3D Systems (NYSE:DDD), Lowe's (NYSE:LOW), and FirstEnergy (NYSE:FE) before the open, with Autodesk (NASDAQ:ADSK), Caesars Entertainment (NASDAQ:CZR), and URS (NYSE:URS) coming after the close.

There are no economic reports scheduled.

One event that could drive volatility over the weekend will be the Italian elections, particularly in the case that former Prime Minister Silvio Berlusconi wins. His anti-austerity leanings could mean a reversal in the progress that Italy has made over the past year.

Twitter: @Minyanville

No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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