The IMF raised it's world growth projections from 3 to 3.5%. Since the only group that is worse than the IMF projecting growth rates is the Fed, I think we can write than one off to jawboning at best, but nothing of lasting substance.
The rally was in part a wash and rinse, a way to catch the bears off balance, and was triggered largely by India which cut interest rates by 50 basis points.
After the bell Intel beat estimates, for the 17th time in a row. IBM beat as well. Their accounting reports are as reliable and substantial as a politician's campaign promise, so the markets may not be overwhelmed by them.
And before you ask, that is not literal Italian in the title, but a rather loose double edged pun.
