MALAYSIA MARKET
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US MARKET
Wall Street topped off a strong week with a big rally Friday, after results from companies like Citigroup Inc. and Google Inc. helped ease investor anxiety about the health of corporate profits.
"This is the first week of earnings reports, and the marquee companies in general have been able to report good earnings, and the banks have been able to raise capital, and the market is responding to that," said Subodh Kumar, global investment strategist at Subodh Kumar & Assoc. in Toronto.
The Dow Jones industrial average jumped 228.87, or 1.81 percent, to 12,849.36.
Gold prices fell, while the dollar was mixed against other major currencies.
Kumar contends that while investors appear upbeat following the stronger-than-expected quarterly reports, Wall Street will likely still bounce around for some time as it tries to get a read on the fate of the economy.
"The market is trying to find a bottom and that's why you're seeing these volatile days," he said. "I think before one can say that the markets are ready to make a sustained move upward, you have to look at the negative side," he said, pointing to high prices for oil and food.
He also emphasized that it was still early in the earnings-reporting period.
Doug Roberts, chief investment strategist at Channel Capital Research, also believes the market is engaged in the sometimes messy process of establishing a base.
"My sense is, at least short term, we've reached some kind of a bottom," he said. "There was just so much pessimism built into everything."
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