News That Moved Tuesday's Market

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News That Moved the Market

Stocks Climb on Solid Earnings Reports and Outlooks. Markets enjoyed their best day in a while Tuesday, boosted by earnings news. Late Monday, Intel (INTC, 5.8%) issued a better than expected forecast. Though the tech giant reported a 12% decrease in profits, investors focused on the company's upbeat outlook for the microprocessor market. This morning, JP Morgan (JPM, +6.7%) matched estimates for its latest quarter, much to the relief of investors who were bracing themselves for bad news. JP Morgan along with the rest of the markets also jumped when CEO Jamie Dimon said the credit-market crisis is more than halfway over in the company's conference call. Buyers controlled the market the whole day, and major indices finished near their highs.

Oil Hits $115. Crude spiked to new all-time highs, trading above $115/barrel. Propelled by the dollar index hitting record lows, and the Energy Department releasing bullish inventory data, crude traded through resistances throughout the morning. Crude closed at $114.93/barrel, up $1.14.

IBM Jumps in After Hours. IBM (IBM, +2.8% day; +3.3% A.H.) blew away analysts' estimates and increased its full-year earnings outlook after the bell Tuesday. Income jumped 26%, while revenues grew 11%. "We feel good about the rest of the year," CEO Samuel Palmisano said in the report. "These results reinforce our confidence in IBM's ability to perform well in a dynamic global economy."

Quick Tics: Among the companies that beat analysts' estimates were Coke (KO, +0.3%) CSX Corp. (CSX, +3.7%), Wells Fargo (WFC, +4.3%) Abbot Labs (ABT, -1.2%), Johnson Controls (JCI, 5.9%), and Ebay (EBAY, +1.7% day; +0.5% A.H.)…Core-CPI increased 0.2% last month, matching expectations…Housing Starts were dismal, falling to a 17-year low...In today's Beige Book, the Fed reported 9 of the 12 Federal Districts have seen a decrease in economic activity.

Tomorrow

Notable Earnings (Full List Here):
Advanced Micro Devices (AMD) After Close
Capital One Financial Corp. (COF) After Close
Continental Airlines (CAL) Before Open
Google (GOOG) After Close
Harley-Davidson (HOG) Before Open
Merrill Lynch (MER) Before Open
Nokia (NOK) Time Not Supplied
Pfizer (PFE) Time Not Supplied
United Technologies (UTX) Before Open

Economic Events:
8:30 AM: Jobless Claims
10:00 AM: Leading Indicators
10:00 AM: Philadelphia Fed