The market got off to a slow start despite mostly better-than-expected earnings from the Financial sector. Citigroup (C) and JPMorgan (JPM) reported numbers that topped estimates while Well Fargo (WFC) fell shy of expectations.Tech struggled until mid-afternoon before catching some second-half wind to join the major indexes in positive territory with strength into the closing bell. Volatility settled back down to calm neat-term jitters after closing below a key level of support.The Dow was up for the 3rd-straight session after reaching an afternoon peak of 26,690 before going out at 26,642 (2.1%). Key resistance at 26,500 and the 200-day moving average was recovered with continued closes above this level suggesting a retest towards the 27,000 area.The Russell 2000 settled at is session high of 1,428 (+1.8%). Key resistance at 1,425 was cleared and held with continued closes above this level leading to another retest towards 1,450 and the 200-day moving average.The S&P 500 traded to a late day peak of 3,200 before finishing at 3,197 (+1.3%). Prior resistance at 3,200 was breached by nearly a point but held with continued closes above this level signaling an additional return trip towards the 3,250 level.The Nasdaq tagged a high of 10,497 while closing at 10,488 (+0.9%). New resistance at 10,500 was challenged but held with a close above this level keeping momentum towards 10,750 in play.
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Harley-Davidson (HOG) upgraded to Outperform from Market Perform at BMO CapitalLabCorp (LH) upgraded to Buy from Neutral at BofAWayfair (W) upgraded to Outperform from Neutral at WedbushCarnival (CCL) downgraded to Sell from Hold at SunTrustLyft (LYFT) downgraded to Neutral from Buy at NorthcoastNetflix (NFLX) downgraded to Neutral from Buy at UBS
WEDNESDAY’S EARNINGS ANNOUNCEMENTSBefore the open: ASML Holding (ASML), Bank of New York Mellon (BK), Goldman Sachs (GS), Infosys Technologies (INFY), PNC Bank (PNC), Progressive (PGR), U.S. Bancorp (USB), UnitedHealth Group (UNH))After the close: Alcoa (AA), Sleep Number (SNBR)
WEDNESDAY’S ECONOMIC NEWSMBA Mortgage Applications – 7:00amNew York Empire State Manufacturing Survey – 8:30amImport and Export Prices – 8:30amIndustrial Production – 9:15amBeige Book – 2:00pm
METALS/ OILGold closed at $1,813.40 an ounce, down $0.70Silver settled at $19.53 an ounce,