Marc Pado Comments: Wall Street Marks Best Week In A Year

July 10, 2010, Reuters

Wall Street closed out its best week in a year on Friday, snapping back from a long stretch of selling, as investors looked ahead to what many expect will be a solid earnings season. Stocks ended near the day's highs, but trading was thin. Just 6.197 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, making it the lowest-volume day of the year.

The major stock indexes advanced 5 percent in the holiday-shortened week, as investors put a string of dismal data behind them to focus on what is expected to be another solid quarter for corporate results. "We expect to see good margins, very healthy balance sheets and companies basically saying that even with the slowdown, we are very well prepared for it," said Marc Pado, U.S. strategist at Cantor Fitzgerald & Co. in San Francisco.

"We have been seeing from previous data that companies are not building inventory and not adding workers. In other words, they are very well positioned for the worst case scenario," Pado said. 

The Dow Jones industrial average <.DJI> was up 59.04 points, or 0.58 percent, at 10,198.03. The Standard & Poor's 500 Index <.SPX> was up 7.70 points, or 0.72 percent, at 1,077.95. The Nasdaq Composite Index <.IXIC> was up 21.05 points, or 0.97 percent, at 2,196.45.