Stocks Up For Second Day In A Row On Strong Earnings

Smart Moves for Today's Market Stocks Up For Second Day In A Row On Strong Earnings [Kevin Matras - EVP - Photo] Profit from the Pros By Kevin Matras Executive Vice President Stocks Up For Second Day In A Row On Strong Earnings [Stocks Up For Second Day In A Row On Strong Earnings]Image: Bigstock Stocks closed higher yesterday for the second day in a row. And all of the indexes have now closed above their high of last Thursday's key upside reversal day. (The Dow and the small-cap Russell 2000 did it on Monday, and the S&P and Nasdaq did it yesterday.) This is typically considered a confirmation of the reversal day, and should lead to more follow-through buying. Yesterday's Industrial Production report was up 0.4% m/m vs. last month's upwardly revised -0.1% and views for 0.1%. Manufacturing Output was up 0.4% as well vs. last month's upwardly revised 0.4% and views for 0.2%. And the Capacity Utilization Rate came in at 80.3% vs. last month's upwardly revised 80.1% and views for 80.0%. Although the Housing Market Index slipped to 38 vs. last month's 46 and the consensus for 44. Earnings season has gotten off to a stronger than expected start so far. That was underscored again yesterday with positive EPS surprises by Johnson & Johnson (+2.41% positive EPS surprise), Lockheed Martin (+4.41% positive EPS surprise), and Goldman Sachs (+10.4% positive EPS surprise). After the close, we saw even bigger beats from Netflix (+46.9% positive EPS surprise – they were up more than 13% in after-hours trade), and United Airlines (+27.1% positive EPS surprise – they were up over 7% in after-hours trade). Today we'll get another 94 companies set to report (243 in total by the end of the week). That number grows to 1,015 next week. And 1,600 the week after that. As for economic reports, we'll get MBA Mortgage Applications, the Housing Starts and Permits report, and the Beige Book report. 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