Marc Pado Comments: Wall Street Rallies On Profits

July 14, 2010, Reuters

U.S. stocks rallied for a sixth straight day on Tuesday after Alcoa's quarterly results heartened investors that had fled to the sidelines on jitters about the sustainability of the economic recovery.

Markets looked set to get another earnings-driven boost Wednesday after Intel Corp reported results that beat expectations after the market closed. The chipmaker also gave a stronger-than-expected sales forecast. U.S. stock index futures rose, while Intel jumped more than 5 percent to $22.16 in extended trade.

U.S. Senate Democrats appeared to nail down the votes needed to pass a rewrite of financial regulation. If the bill is passed, it could be a short term negative for the banking sector, but for now the group shrugged it off, said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co. in San Francisco.