Stock Markets Relax As Eyes Back To Debt Ceiling
The stock market looks to be pausing today after a monster upside move yesterday. This upside move came on the back of great recent corporate earnings from big players like International Business Machines Corp. (NYSE:IBM) and Google Inc. (NASDAQ:GOOG). In addition, fears out of Europe subsided somewhat, allowing the Dollar to fall against the Euro. The SPDR S&P 500 ETF (NYSE:SPY) is currently trading at $132.85, +0.12 (+0.09%).
The markets are looking towards the government over the rest of the week. This is a good reason for a pause day today and maybe even a little downside. The politicians have days to complete some sort of debt ceiling resolution or face a possible U.S. default. While unlikely, the market hates uncertainty.
Earnings will continue to be reported in the next few days, however, with such good earnings driving the markets higher, future earnings reports must be even better to get the same market reaction. Note today how Apple Inc. (NASDAQ:AAPL) is having little impact on the markets. They reported a stellar quarter but with such gains in the markets already, it appears it was already priced in.