The bulls have gotten a hold of the stock market and won’t let go.
"The Dow Jones Industrial Average rose 62.43 points, or 0.5%, to 13,712.13 on Tuesday, Jan. 22, 2013, recovering from a morning slide of as much as 27 points," writes The Wall Street Journal, adding, "The benchmark closed at its highest level since Dec. 10, 2007." [Note: The content of The WSJ is behind a firewall and you may be charged to read its stories.]
The story also notes: "’Earnings season is basically in full swing now, and I think that’s really what’s moving markets,’ said Richard Sichel, chief investment officer at Philadelphia Trust Co., which oversees $1.8 billion. ‘You had a couple companies, like DuPont and Travelers, that had some nice earnings and they’re being rewarded.’
"DuPont’s fourth-quarter profit fell less than analysts had expected. The diversified manufacturer said it expects earnings to rebound in the second half. Travelers was among the biggest gains among Dow components, after the insurer’s earnings topped analysts’ muted expectations in the wake of superstorm Sandy."
Added USA Today’s account of today’s trading, "[T]he Standard & Poor’s 500 index gained 0.5% — [which was also a new five-year high for that measurement]."