“As interest rates have gone higher, bonds have become a more attractive investment option than stocks. Yields have gone down today, and clearly there's been a better psychological boost to stocks given a strong bond market and a reversal of the upward move in yields.”
“The Nasdaq is up on the day, primarily due to Apple. This market is climbing a wall of worries. People are too committed to equities in the longer term.”
“The negative pre-announcement season has been relatively light. That should bode well for the earnings season over the next two weeks. Oil prices are falling back. That's also helping ease some of the inflationary concerns.”
“As long as oil is trading near $70 a barrel, interest rates on the 10-year (note) are around 5 percent and gold hovers at $600 an ounce, it will be difficult for equities to make headway.”