July 23rd 2014 – Record Close For S&P 500

Market View:

Technology is the hot ticket right now.  The Nasdaq got another boost from Apple earnings.  Tomorrow could be more of the same as Facebook reported a big spike in advertising sales from mobile ads.

As I had mentioned yesterday, a New all time high was looking inevitable and so here t is.  Back to no mans land again.  I think we may go higher again tomorrow, but after that who knows?  On the positive side, earnings are coming in very healthy for some of the biggest companies.  We have another slough of them tomorrow.

Market News:

U.S. stocks mostly rose on Wednesday, with the S&P 500 finishing at a record for the 26th time this year, as investors weighed earnings from companies including Boeing and Apple.

Shares of Facebook wavered in after-hours trading as the social media site reported revenue increased 61 percent in the second quarter on demand for its mobile ads.

Apple shares rose, a day after the iPhone maker posted profits that beat expectations. Microsoft shares rose after the software giant reported better-than-expected revenue.

Boeing turned lower after the aerospace giant reported quarterly profit and hiked its full-year forecast. PepsiCo rose after the beverage maker reported revenue that topped expectations.

The only economic data expected for the day came before the bell, with applications for mortgage refinancing jumping 4 percent, the Mortgage Bankers Association said. However, the report showed that home purchase loan applications were down 15 percent from a year ago.

Thursday:

Earnings: Caterpillar, MMM, General Motors, Ford, Amazon.com,Visa, Starbucks, Bristol Myers Squibb, Eli Lilly, Roche Holdings,Hershey,Dr.Pepper Snapple, Pulte Group, Union Pacific, T. Rowe Price, KKR,Nasdaq Group, Altera, Chubb, Federated, Imax, JetBlue,Pandora,Decker’s Outdoor, Kla-Tencor, Baidu, Brunswick, Dunkin Brands,Scholastic, Supervalu, Grubhub, Cabela’s,Under Armour,Wyndham Worldwide, Imax, Flextronics, Freescale Semi, Maxim,SolarWinds,Mettler-Toledo

8:30 a.m.: Initial claims

8:58 a.m.: Manufacturing PMI

10:00 a.m.: New home sales

News Sources:  CNBC and CNN Money