News Summary for April 27, 2011

U.S. stock futures are pointing to slightly higher open today after hitting new multi-year highs yesterday. The rally in the S&P 500 and yesterday came after stronger-than-expected earnings results from many major U.S. corporations. The major broad U.S. market ETF SPY is currently trading 0.2% higher than yesterday's close. European stocks closed higher, gaining ground for a full week with strong earnings results from Ericsson and Renault. Asian stocks closed mixed with Tokyo gaining 1.4% and India closing lower. Earnings season is underway in full swing today, with bellwethers Boeing BA, Corning CLW, Dupont DD, Whirlpool WHR, and Dr. Pepper Snapple DPS already reporting earnings today. Important economic news has already been released today, including Durable Goods for March, Ex-Transportation for March, and Nondefense ex-air for March. The only remaining economic event today is the FOMC FF rate. FOMC is expected at 2:15pm today and the percent is estimated at 0-0.25% versus the same range for the prior period. Historically, markets often rest prior to the FOMC number and make a large move after. Today's Fed Day, however, is particularly unique because for the first time ever, Fed chairman Ben Bernanke will be holding a press conference at 12:30pm, prior to the FOMC announcement at 2:15pm. Bernanke's inaugural address today will hereafter become a quarterly event. Despite a wave of very negative headlines, the bull market remains alive and well. Tech sector earnings have been especially impressive, with Apple AAPL among the giants reporting better-than-expected earnings. Amazon.com AMZN was the latest tech giant to report after the close yesterday.