Midday Market Update: New Week, New Hopes

ETF UpdateTraders on Wall Street greeted the markets this morning with fresh optimism, thanks to a host of earnings reports that are sending positive signals about the economy, stocks and exchange traded funds (ETFs).

Among the key earnings news today:

  • Gannett (NYSE: GCI), the publisher of USA Today, managed to post a profit even as revenue fell
  • Toy-maker Hasbro’s (HAS) income also rose amid cost-cutting by the company
  • After the market closes today, tech giants Apple (Nasdaq: AAPL) and Texas Instruments (NYSE: TXN) will report earnings
  • Caterpillar (NYSE: CAT) will report earnings on Tuesday

Oil’s price continued to rise, inching above $79 a barrel before stepping back. Investors are watching earnings reports for any signs that consumers are feeling confident again, reports Pablo Gorondi for the Associated Press. United States Oil Fund (NYSEArca: USO) is trading flat this morning. (Where is gas going next?)

Demand for Treasuries has stayed strong, even though the budget deficit now well past the $1 trillion mark, the government has sold a record amount of debt and the dollar hasn’t been this weak since August 2008. (Why you should watch Treasury ETFs).

Foreign buyers have stepped up their holdings to a record $3.5 trillion. Demand in the United States has been kept afloat by a rising savings rate and lingering worries that the market’s rally is overdone, report Liz Capo McCormick and Daniel Kruger for Bloomberg. iShares Barclays 7-10 Year Treasury (NYSEArca: IEF) is trading flat so far today.

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