Click here for the Weekly Wrap by Briefing.com.
BOTTOM LINE: Overall, last week's market performance was modestly positive as stocks consolidated recent gains. With 70% of S&P 500 companies reporting, about 70% have exceeded expectations and earnings are running more than 10% above year-ago levels. The advance/decline line rose, almost every sector gained and volume was about average on the week. Measures of investor anxiety were mostly higher. However, the AAII % Bulls rebounded sharply for the week and is now at above-average levels. Mortgage rates rose again, but are still only 56 basis points away from all-time lows set in June 2003. The benchmark 10-year T-note yield continued to rise on very positive economic reports. Cyclical and technology stocks outperformed on economic optimism and strong earnings reports. Moreover, optimism over the possibility of sweeping telecommunications deregulation boosted the Telecom, Wireless and Networking sectors. Finally, oil rose for the week as multiple refinery fires and a strong US economy heightened fears of a fourth quarter crude supply shortfall.
*5-day % Change
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