Stocks are inching higher today, although weakness overseas is
S&P 500 futures are up less than two-tenths of a percent,
although the Nasdaq is up more following strong results from
Microsoft and Amazon.com. Europe is eking out small gains despite
weak earnings and an unexpected drop in Germany's Ifo index of
Asia was mostly lower in the overnight session, with Shanghai down
more than 1 percent and Tokyo falling 3 percent, amid disappointing
corporate results and concerns about bad debts in China.
The S&P 500 has been climbing steadily since it bounced at its
100-day moving average on Oct. 9, and has been consolidating near
record highs for the last three sessions. Every sector has
benefited from the move, but gains have been especially noteworthy
among metal producers, transports and home builders. Our
market scanner also shows education stocks attracting buyers after
a long period of weakness, with more gains likely today as Career
Education soars on news of an asset divestiture.
MSFT is also up some 6.5 percent after reporting
better-than-expected earnings and revenue last night. AMZN rose 8
percent on strong sales. Deckers Outdoor gained 14 percent on a
strong report, as well. The main event on today's calendar is
the release of durable goods orders at 8:30 a.m. ET.
Commodities and foreign-exchange markets are mixed. Oil is little
changed, copper fell 0.6 percent and precious metals declined more
sharply. Agricultural products are mostly lower. The euro and
Australian dollar are both down slightly, while the Japanese yen is
Copyright © 2010 OptionMonster® Holdings, Inc. All Rights Reserved.