After the Dow's 261-point belly flop to end last week on what were, after all, better-than-expected bank earnings, investors may be forgiven for feeling rather queasy after checking out this week's earnings calendar, which includes 120 of the S&P 500.
Last week, JPMorgan Chase & Co. (JPM) led off the coming parade of earnings from the big banks when it reported better-than-expected fourth-quarter and full-year earnings, though its revenue fell short of estimates. Plenty more earnings from the financial sector are due out this week. Analysts surveyed by Thomson Reuters anticipate fourth-quarter earnings growth from American Express Co. (AXP), Bank of New York Mellon Corp. (BK), Hudson City Bancorp Inc. (HCBK), SLM Corp. (SLM) and US Bancorp (USB).
Who would have thought back in the dark days of the March lows that 2009 would end up being an outstanding year for equities? It may not feel like it, but the blue-chip Dow Industrials just enjoyed the best annual gain since 2003.
