If there are some more
in the mix next week, investors could be very happy.
Last week, Wells Fargo, along with falling oil prices, helped buoy a market that had gotten to incredibly low levels by releasing a
better-than-expected earnings report
Over the five trading sessions, the
Dow Jones Industrial Average
jumped 4.5% to 11,496.57, the
gained 1.7% to 1260.68, and the
added 2% to 2282.78.
"We think the bounce can continue," says Ryan Detrick, chief technical strategist at
Schaeffer's Investment Research
. "This could be the first quarter in four that we beat overall expectations."
Detrick notes out that the 1220 to 1225 range was a double bottom for the S&P 500 in the summer of 2006, and "it sparked a tremendous rally" in the last half of that year, so an echo of that is possible here.
The earnings come fast and furious next week across all major sectors, led by a raft of Dow components. Those include
Bank of America
(BAC - Get Report)
(MRK - Get Report)
(BA - Get Report)
(PFE - Get Report)
on Wednesday and
Investors will be watching to see if the financial-sector-inspired momentum can continue, but the markets will have to get past earnings releases from a number of companies that have been the subject of concern lately. For example, on Tuesday, reporters
(WM - Get Report)
are expected to show some ugliness on their balance sheets.
Other financial companies reporting earnings include
on Thursday; and
T. Rowe Price