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Apple (NASDAQ: AAPL) Earnings Bolsters Global Stock Market

Submitted by Mike Swanson on Wed, 2010-07-21 06:50.

Yesterday the DOW and S&P 500 opened lower, but then reversed course and rallied ahead of Apple Inc.’s widely anticipated earnings release on the close.

Apple reported that strong Ipad and Iphone sales helped it generate a robust 78% increase in net income for the April-June second quarter of 2010 when compared with the same months a year ago.

After this news came out Apple’s stock shares rallied 2.57% in after-hours trading.

At the same time though Yahoo reported earnings which disappointed investors which caused its stock to drop over 5%.

However, investors chose to focus on Apple which in this day and age is taken to be a more important company in regards to the rest of the economy than Yahoo is.

Today Coca-Cola and United Technologies will report earnings before the open and later in the day Morgan Stanley and Wells Fargo will too.

Ben Bernanke is also scheduled to give his bi-annual testimony to Congress on the state of the economy at 2PM.

Yesterday’s rally in the US markets and Apple’s earnings reports have helped put a bid on stocks worldwide. Hong Kong’s stock index rallied 1.1% while the FTSE is up 1.6% and the German DAX is rallying 1.4% today.

Nasdaq 100 futures are currently trading up half a percentage point.

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