Stock Market Blog -Apr 24th

The market saw a big drop on Monday, followed by a nice recovery the rest of the week. Positive earnings helped the rally.

AAPL, INTC, and VMW popped after reporting earnings

New unemployment claims dropped, this time to 403,000 (chart).
This week, no banks were shut down by the FDIC! (list).

Next week: (Economic reports link). The Fed meets this week, so look for possible actions that might affect the markets.

Quarterly earnings season continues, to include reports from the following companies:

Mon: NFLX
Tue: AMZN F KO MMM UPS VLO
Wed: BA BIDU BP COP SBUX
Thu: MSFT PG XOM
Fri: CAT CVX MRK

Market commentary: Earnings will continue to be the driving force for the markets next week. The S&P500 could form a triple top, but if we get good earnings, it could easily break through that top (see above chart). The DOW has already taken out its prior top.

Once again, Gold and Silver continue to rally, along with most currencies (against the US Dollar).

Commodities (charts):
Oil prices were up, closing around $113 per barrel.
Natural Gas was up again, closing near $4.40.
Gold rallied further, closing over $1500!
The 30 year Bond was up slightly, closing near $121.
The US Dollar was down again, closing near 74.

News:
Stocks sink after S&P warns on U.S. debt
S&P lowers its outlook: Could U.S. default on its debt?
US STOCKS-Wall St ends strong week with new earnings attitude

Don't Like a Weak Dollar? Might as Well Get Used to It
Silver, Gold Rise to Records as Asian Stocks Fall; Yen Weakens
Silver nears $50 an ounce; gold hits record
In U.S., 54% Have Stock Market Investments, Lowest Since 1999