The S&P 500 has advanced 23% so far this year, the rally being stoked by the ever-constant Fed stimulus.
Earnings have been robust so far this reporting season, if unspectacular, which has helped to support equity prices now that the shadow of US debt-ceiling uncertainty has temporarily vanished.
Dow components DuPont, United Technologies and Travelers reported earnings today that exceeded forecasts, although United Technologies missed on revenue. Broadcom and Juniper Networks report after the market closes tonight. Tomorrow we hear from three more Dow components, namely AT&T, Boeing and Caterpillar.
The NASDAQ 100 climbed 0.3% today to 3371.5, despite a 0.3% drop in Apple’s share price. The slide in Apple’s shares happened amidst the launch of the iPad Air, its newer, slimmer version of its wildly popular tablet. Share price declines have been common for the last few product launches for Apple.