The market extended once again to a new multi-year high Thursday, marking 100% gains from March 2009 lows. It has been a rapid bounce-back for stocks, both from credit crisis lows and after the Japanese earthquake and aftermath once again drenched the markets in fear. Strong corporate earnings remain the catalyst for this market, although unemployment remains a major concern for the recovery.
The tech sector has been the most consistent source of strong reports this season, kicking off with stellar reports from the likes of Intel Corporation (
INTC) and Apple Inc. (
AAPL) and most recently getting a boost from strong outlook for Amazon.com, Inc. (
AMZN). Baidu.com, Inc. (
BIDU) after the close yesterday beat on the headline numbers but traded lower today. Research in Motion Limited (
RIMM) just now reported weak guidance after the close, which looks set to be the latest blow to a faltering stock.
*DISCLOSURE: CIEN, GLD, JPM, WFC. Short SLV, REDF.
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