It's not the news that matters, it's how the market reacts to the news that matters. -- Ancient Wall Street proverb.
On Wednesday, bulls took solace as the stock market mainly shrugged off news of a higher-than-expected CPI report, the Bank of Japan's somewhat surprising rate hike and even a harsh sell-on-the-news reaction to Hewlett-Packard's (HPQ Quote) earnings, as detailed in my podcast.
On Thursday, conversely, bulls were hard-pressed to find much to cheer about outside of the chip sector. Major averages ended mixed despite better-than-expected earnings from Newmont Mining (NEM Quote), news of a Cisco (CSCO Quote)-Apple (AAPL Quote) détente over the iPhone moniker, and the Whole Foods (WFMI Quote) buyout of Wild Oats (OATS Quote).
Whole Foods and Wild Oats each soared on their merger, and positive comments from Analog Devices (ADI Quote) gave a boost to the chip sector. Analog Devices rose more than 10%, while Linear Technology (LLTC Quote) and Maxim Integrated Products (MXIM Quote) soared as well. The Philadelphia Stock Exchange Semiconductor Index climbed 2.5%. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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| 10,309.92 | 1,091.49 | 2,138.44 | 32.31 |
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