Many earnings surpassed expectations, and Internet shares rallied, leading U.S. stocks up for the day. “Earnings have been strong and for the most part, companies have been upbeat with their full-year earnings outlooks,” Steven Rees, head of U.S. equities at JPMorgan Private Bank, said. “Data on earnings and today’s data on consumer confidence means you won’t hear much change from the Fed. The next catalyst in the market will be Friday’s jobs report.” Rees continued, “It is healthy to see some profit-taking and rotation into other parts of the market. We’re starting to see some bottoming in higher quality growth stocks. It’s a selective buying opportunity.”
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