Will the 9-Day Rally Continue?

by devteam July 24th, 2009 | Share


After jumping by more than 2% yesterday stock futures are looking to extend the rally on Friday morning, despite some disappointing earnings reports. The day ahead is pretty light with only an update on consumer confidence scheduled for release. Traders will determine if profit-taking will head to center stage now, or whether the nine-day rally is the start of a bigger climb.

The S&P 500 has climbed 11% in the past two weeks as a host of better-than-expected Q2 earnings reports buoyed sentiment. From the low point in early March, the benchmark index has now jumped 44%.

The morning so far has been mixed: Microsoft reported Q2 earnings of $0.34 per share, slightly below expectations of $0.36. Meanwhile, American Express said its quarterly earnings were $0.27 per share, slightly above the media forecast of $0.24. Earnings from Amazon came in with no surprises at $0.37 per share.

Only One Data Point to End the Week:

10:00 â€

About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

See all blogs


Leave a Comment

Leave a Reply

Latest Articles

Real Estate Investors Skip Paying Loans While Raising Billions

By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...

Late-Stage Delinquencies are Surging

Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...

Published by the Federal Reserve Bank of San Francisco

It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...