Stocks Bounce Back up on Earnings (Bloomberg)
Following the S&P 500’s worst drop in more than six months, stocks rebounded today thanks to encouraging earnings reports and better-than-expected factory numbers. Earnings successes included quarterly dividend payers YUM! Brands Inc. (YUM) and Pfizer (PFE). “Main Street is still chugging along. Earnings have been fine,” Ethan Anderson, senior portfolio manager at Rehmann Financial in Grand Rapids, Michigan, said. “You put all these together and I’m just not seeing anything that’s suggesting that the train is off the track. We’re pretty much in a very healthy pullback. To me, it’s refreshing.”
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