The markets shot higher today as the time correction period for most traders has come to an end. After weeks of choppy action traders are betting that this market will begin moving once again. Today the markets were higher as President Trump eased his calls for missiles to fly over Syria and tech stocks pushed higher. The Dow 30 was higher by 293, the S&P 500 added 21, and the Nasdaq 100 gained 71.
The financial media attention will now shift to earnings which is likely to create even more volatility. Today officially kicks off the earnings season which many think will be a good one thanks to lower taxes. Analysts have set the bar high, expecting quarterly profits to be higher by 18.5%. If this happens it would be the highest number in seven years.
BlackRock (NYSE: BLK) which is the worlds largest asset manager, now with $6.3 trillion under management, was the first to announce earnings which came in better than expected. Earnings per share and revenue both came in well above Wall Street's expectations. Shares were higher by 1.48%.
Delta Airlines (NYSE: DAL) shares were higher by 2.93% as they also helped kick off the earnings season. The company reported earnings and revenue that came in better than expected. Fuel costs were higher by 20% which was seen as a slight negative in their report.
Energy and Oil (NYSE: XLE) took the day off as global tensions calmed for now. Oil (NYSE: USO) had a strong start to the week, hitting highs along with energy stocks which broke above two month ranges. Many traders expect the Syria conflict to stay in the news which may be the reason for the strength.
Tomorrow will be a big one to watch for earnings as the big banks will start to report. Citigroup (NYSE: C), JP Morgan (NYSE: JPM), and Wells Fargo (NYSE: WFC) all will report before the open tomorrow.