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Market Bullheadedly Ignores Missed Earnings, Salivates for Rate Cut
GuruVision: Fed Trumps Fundamentals
SAN FRANCISCO -- "Earnings are dead, long live interest rates!" That proclamation, heard from a growing number of traders lately in reference to short-term market influences, was on obvious display today.
Sidestepping the cautious comments from Cisco Systems (CSCO Quote), the Dow Jones Industrial Average rose 0.4%, the S&P 500 gained 0.7%, and the Nasdaq Composite Index rose 2.1%. Meanwhile, the Nasdaq 100 gained 2.4%.
Even Cisco seemed immune to its own devices, closing off 2.9% at $37.25 after trading as low as $35.50. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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