It seems that just last week, the investors were once again worried about the status of our economic recovery. People began questioning if the market rally from the 6000's to the 8000's were warranted. Fast forward a week, and now it seems we are all blissful with dollar signs in our eyes. There are a few things propelling us.
Earnings reports:
Intel released what some experts are calling a monster blowout in both earnings and their forecast. Intel stock shot up close to 8% following earnings, and looks to be in great shape. They also took much of the computer sector as well as the entire DOW and S&P with them, as we saw the Dow up over 256 points. Clearly Intel's results signaled to traders that the technology industry is on the rebound, which also means just about every other industry must be as well.
Jobs Reports:
Unemployment is still going up, however, this morning we learned it was going up at a much slower pace now.Initial jobless claims dropped by 47,000 to 522,000, lower than forecast, in the week ended July 11, from a revised 569,000 the prior week, the Labor Department said today in Washington. This gives us hope that we could see the unemployment number begin to fall by year's end.
Google (GOOG) reports at the close today, and investors are certainly excited to see their results. Google is expected to earn $5.09 per share on revenue of $4.06 billion, based on the average estimate of analysts surveyed by Thomson Reuters. If they beat this number, it would be incredible news for most of the market. We will see around 4:15 today.
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