The beginning of the earnings season has brought about an impressive stock market rally. Improved sentiment in Europe was also helpful. The fact that all Fidelity sector funds gained today is an indicator of how broad-based the buying was.
The technology sector is providing leadership to the market, as so many times in the last 20 years, with multiple companies reporting strong earnings results. The United States is the undisputed world leader in technology innovation and companies like Google, Apple, Amazon and eBay continue to reward their shareholders with growth.
In addition to the large cap tech companies, a large number of medium and small sized companies are developing breakthrough technologies promising to make our lives more efficient, safer and more enjoyable. We will continue to keep an eye on investment opportunities in the technology sector.
Consumer discretionary and retailing stocks are also responding to the increased appetite to buy equities and can provide leadership to the market in the coming weeks.