What started off as a bummer of a day, has turned back into a party.
Fred Dufour/Agence France-Presse/Getty Images The S&P 500 has gained 0.5% to 1,729.80 at 3:28 p.m., just off the new all-time high of 1,730.29 hit a few minutes earlier. The Dow Jones Industrials have dropped 0.2% to 15,348.44.
This, from Citigroup’s Dirk Willer, sums up the vibe:
Top 10 High Tech Stocks To Buy For 2014
Interesting… so we got negative earnings from [Goldman Sachs (GS), eBay (EBAY), International Business Machines (IBM). And SPX doing very well. You can argue that EBAY does not have broad relevance to market, and that GS is really a quarter to quarter thing, where earnings this quarter tell us little about next quarter (trading), but IBM is a big deal as it is a good measure of spending on IT. So SPX performance very impressive, even though it is driven to some extent by defensives/ rates plays (utilities, telcos etc). This is a good sign. The market wants to go up into year end.
How high can it go?
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