NEW YORK (Reuters) - Wall Street may take a breather this week after an earnings-driven rally lifted the major U.S. stock indexes to their highest levels in months.
(Getty Images)
The blue-chip Dow Jones industrial average <.DJI> climbed back above the 9,000 mark last week for the first time since January. And the Standard and Poor's 500 Index <.SPX> ended Friday at 979.26 -- up 44.7 percent from the 12-year closing low hit on March 9 -- after a number of prominent companies' earnings surpassed Wall Street's expectations.
This week's "market enjoyed the better-than-expected earnings, or I should say, less bad-than-expected earnings, but we can play the game for only so long," said Scott Marcouiller, senior equity market strategist at Wells Fargo Advisors in St. Louis.
"Stay cautious. We can't put a cap on it (the rally) yet, but there will be a correction."
The exuberance was interrupted Friday as disappointing quarterly revenues from Microsoft Corp and Amazon.com hit their stocks and weighed on the Nasdaq, which fell on Friday and halted a 12-day run of gains. In contrast, both the Dow average and the S&P 500 ended Friday at eight-month closing highs.
For the week, the Dow was up 4 percent, the S&P 500 was up 4.1 percent and the Nasdaq was up 4.2 percent.
The earnings blitz will continue this week. About a third of the S&P 500 companies are expected to report results, including such high-profile names as Exxon Mobil Corp and Walt Disney Co Both are also Dow components.
BERNANKE ON THE TUBE
Wall Street and Main Street are likely to tune in when Federal Reserve Chairman Ben Bernanke appears on PBS this week in a town hall-style forum called "Bernanke on the Record," hosted by Jim Lehrer.
After being grilled repeatedly on Capitol Hill about the troubles continuing to roil the nation's economy, Bernanke will talk about the Fed's response to last year's economic crisis and its role in economic recovery. The program, which will be recorded on Sunday at the Federal Reserve Bank of Kansas City, will be broadcast on "The NewsHour with Jim Lehrer" on PBS on Monday, Tuesday and Wednesday; a one-hour special will be aired on or after Wednesday, PBS said.
(Getty Images)
The blue-chip Dow Jones industrial average <.DJI> climbed back above the 9,000 mark last week for the first time since January. And the Standard and Poor's 500 Index <.SPX> ended Friday at 979.26 -- up 44.7 percent from the 12-year closing low hit on March 9 -- after a number of prominent companies' earnings surpassed Wall Street's expectations.
This week's "market enjoyed the better-than-expected earnings, or I should say, less bad-than-expected earnings, but we can play the game for only so long," said Scott Marcouiller, senior equity market strategist at Wells Fargo Advisors in St. Louis.
"Stay cautious. We can't put a cap on it (the rally) yet, but there will be a correction."
The exuberance was interrupted Friday as disappointing quarterly revenues from Microsoft Corp and Amazon.com hit their stocks and weighed on the Nasdaq, which fell on Friday and halted a 12-day run of gains. In contrast, both the Dow average and the S&P 500 ended Friday at eight-month closing highs.
For the week, the Dow was up 4 percent, the S&P 500 was up 4.1 percent and the Nasdaq was up 4.2 percent.
The earnings blitz will continue this week. About a third of the S&P 500 companies are expected to report results, including such high-profile names as Exxon Mobil Corp and Walt Disney Co Both are also Dow components.
BERNANKE ON THE TUBE
Wall Street and Main Street are likely to tune in when Federal Reserve Chairman Ben Bernanke appears on PBS this week in a town hall-style forum called "Bernanke on the Record," hosted by Jim Lehrer.
After being grilled repeatedly on Capitol Hill about the troubles continuing to roil the nation's economy, Bernanke will talk about the Fed's response to last year's economic crisis and its role in economic recovery. The program, which will be recorded on Sunday at the Federal Reserve Bank of Kansas City, will be broadcast on "The NewsHour with Jim Lehrer" on PBS on Monday, Tuesday and Wednesday; a one-hour special will be aired on or after Wednesday, PBS said.
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