TSC Weekender: A Market That Can't Commit

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A Little of This, A Little of That

After the April 14 stock blowup, can anyone blame the markets for a somewhat noncommittal preholiday week?

Buyers bounded out of bed Monday, lifting the Nasdaq Composite Index to its biggest single-day point gain in history, a 6.6% gain, but on shaky breadth. Tuesday put the Nasdaq up another 254.41, or 7.2%, to 3793.57, back to where it closed the previous Wednesday. Sellers reappeared on Wednesday, sending the Nasdaq down 87.16, or 2.3%, to 3706.41.

Better-than-expected first-quarter earnings raised hopes as caution sent many into stocks with real numbers and solid earnings. Take, for example, the bedrocks of TSC Weekender's life. The burger-and-fries joint McDonald's (MCD Quote) Thursday beat expectations by a McPenny; AOL (AOL Quote) posted earnings of 11 cents a share, 2 cents better than anticipated; and Apple Computer (APPL Quote), where our good buddy Rick works, gave analysts the what-for Wednesday, beating by 8 cents the 81-cent estimate.

Little economic news contributed to mixed trading during the week. Tech experienced a dip. And end-of-day Thursday markets -- just ahead of Microsoft's (MSFT Quote) earnings -- slipped out early to celebrate Passover and/or Easter.

All in all, it was a rally without conviction, a selloff without commitment. Yet that comes as a relief after the week before.

Kayte VanScoy and Jonathan Englander, special to the TheStreet.com, contributed to this piece.

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