Morning Market Report

Yesterday was another up day for the three indices. The Dow was up 47 points to close at just over 10062. The other two indices were up more marginally. The NASDAQ was up just over a point and the S&P was up 4.54. That's the second day the Dow finished above 10000. The Dow will test that levels this morning. There's all sorts of earnings news this morning. Tech stocks like Google and IBM came out after the market closed yesterday and they were positive. On the other hand, both GE and Bank of America have come out with numbers that have disappointed the market. GE's earnings actually beat expectations but their revenues missed the mark and right now the Dow is off about 60 points and so it is likely to open testing the 10000 level.

Bonds are improving just slightly this morning. The ten year U.S. Treasury bond is now at 3.43% or about three basis points better. Oil is looking to open just slightly lower but it's upward trend continues. It's currently trading 40 cents lower but at $77.18 a barrel that's up more than ten dollars in the last two weeks plus. It also follows an increase of about $3 a barrel yesterday.

Markets were mostly down in both Europe and the Far East. The Hang Seng in China was down .31%, the NIKKEI in Japan was up .18%, and the Straits Time Index in Singapore was down .15%. In Europe, the FTSE in London was down .49%, the DAX in Germany was down .97%, and the Spanish Index was down 1.72%. The Swedish index, which was up .48% and that was the only major European index that was up.

The Dollar, meanwhile, is mixed. It's up .47% against the Euro, down .34% against the British Pound, and up .55% against the Japanese Yen.

Finally, there will be plenty of economic data to chew on that will come out during the market trading hours. The University of Michigan Consumer Confidence number will come out just before 10 AM Eastern Time. The Fed will release a manufacturing indicator, and Halliburton and Mattel are also expected to release earnings before market close.