Money Watch Weekly Wrap

Investors shook off S&P's possible downgrade of US debt, focused on better than expected corporate earnings and bought stocks during the holiday-shortened week. Further gains may be harder, according to professional money managers. The Barron's "Big Money poll," which surveys US money managers, found that 60% are bullish on the stock market through the end of the year. But, the majority expects gains of another 5% this year. Only 11% were bearish on stocks, down from 15% last fall.

DJIA: 12,505, up 1.3% on week, up 8% YTD (highest since June 2008)
S&P 500: 1337, up 1.3% on week, up 6.3% YTD (highest since Feb 18)
NASDAQ: 2820, up 2% on week, up 6.3% YTD
June Crude Oil: $112.29, up 1.9% on week
June Gold: $1503.80, up 1.2% on week (a nominal record-inflation-adjusted = $2400/ounce)
May Silver: $46.06 (+49% this year and over 155% in the last 52 weeks)
AAA National Average Price for Gallon of Regular Gas: $3.86 (Record $4.11 in July, 2008)

Total bank failures for 2011 = 34 (0 new bank failures over weekend)

FACTOIDS OF THE WEEK: Corporate earnings edition (source: Thomson Reuters)
Of the 137 companies in the Standard & Poor's 500 that have reported Q1 results:

75% have beaten profit forecasts-better than the 17-year average of 62%
14% have missed forecasts
Profits are coming in 8% higher than analysts expected
69% beat revenue expectations -- sales have been 2% better than forecast
In the "you might have missed it category": The Consumerist held the annual "Worst Company of the Year" - see how your most-hated entity did in the competition!

IN THE WEEK AHEAD: As earnings season roles along, the Federal Reserve's FOMC will huddle for another policy meeting, after which Chairman Ben Bernanke will hold a 45-minute press conference. It will be the first of three scheduled briefings to be held this year -- the first time a Fed Chairman has ever held regular news conferences. While few expect any change to current policy, anxious investors expect the Fed to address a post-QE2 world, amid growing concerns about inflation.

Consumer Confidence is likely to be shaky, as gas prices hover near $4/gallon. There will also be housing data-new home sales and the S&P Case-Shiller Hope Price Index. While existing home sales came in better than expected last week, few would consider the housing market healthy yet. 11.1 million Americans with mortgages, or 23% of the total, are underwater, according to CoreLogic.

Mon 4/25:
Kimberly Clark
10:00 New Home Sales

Tues 4/26:
Coca-Cola, Ford, Amazon
9:00 Case-Shiller Home Price Index

10:00 Consumer Confidence

Weds 4/27:
Boeing, eBay, Starbux
8:30 Durable Goods Orders

Thurs 4/28:
Colgate, Exxon Mobil, Pepsi, P&G
8:30 Weekly Claims

8:30 GDP (Q1 Advanced expected to be 2%, from Q4's 3.1%)

10:00 Pending Home Sales

Fri 4/29:
8:30 Personal Income and Spending

9:45 Chicago PMI

9:55 Consumer Sentiment

Jill Schlesinger

View all articles by Jill Schlesinger on CBS MoneyWatch »
Jill Schlesinger, CFP®, is the Emmy-nominated, Business Analyst for CBS News. She covers the economy, markets, investing and anything else with a dollar sign on TV, radio (including her nationally syndicated radio show), the web and her blog, "Jill on Money." Prior to her second career at CBS, Jill spent 14 years as the co-owner and Chief Investment Officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York, following her graduation from Brown University.

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