Some high profile earnings announcements after yesterday's market close dominated news overnight and have spilled over to the morning action. Both Microsoft and Apple came in with solid though unspectacular reports and both are higher in a mixed market. Apple's rise is more due to anticipation of new product launches this fall than earnings results, while Microsoft is higher due to an analyst upgrade despite an unexciting quarter for profits. Some big earnings reports are due in as the week progresses and the direction of the market will likely rest on those reports. International tensions are still high but have taken a back seat to economic activity. On the plus side, earnings reports have generally pleased investors thus far and last week's negative momentum seems very old news. The Dow is lower this morning while the Nasdaq and S&P 500 are slightly to the positive. Today will likely be a day of consolidation but there is little indication that investor emotions will turn to the negative. Corporate profits look good so far and appear to have investors smiling. Oil and gold are hovering around unchanged though up slightly as we publish this report.
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