With 360 S&P companies having reported, the earnings gains so far for the first-quarter have been 13.6%. More than 70% of the companies have beaten their estimates. In addition, 57% companies have topped their revenue projections. The final estimate is for profit gains is 11.8%.

Today, the DOW finished higher by 36 points, the NASDAQ was up 3, and the S&P 500 Index added 2.

The DOW gained with the help of AAPL which continued to advance ahead their report tonight. What are they going to do for an encore? BA made back some of yesterday’s declines while 3M and V were on the plus side today. Other stocks moving upwards today on their reports included retailers COH and TIF. On the downside, AMD, which had made a terrific upside move in the past year, suffered a 24% loss in value today following its report. This is its worst decline in 12 years.  Automakers GM and F took it on the chin after their March sales reports came in below consensus.

The NASDAQ achieved a new record high today by closing at 6095. This index jumped over the 6100 mark during the session as AAPL, MSFT and INTC were all higher. PCLN climbed another 10 points to close at 1880 today and ISRG garnered a new all time high at 845. In the FANG stocks, only AMZN was lower. It seemed to be taking a little breather after its huge recent moves higher.

Breadth numbers were slightly positive and bond yields were just about unchanged today. The dollar reached a six-week high against the Japanese yen at 112 while crude oil dropped to $47.60 a barrel. Gold was at a three-week low at $1,257 an ounce. These two items show a lack of inflationary pressures at the present time.

For 2017, earnings projections for the S&P are expected to be up around 11% according to current estimates. For 2018 the number is almost 12%.

The overall bull market is now in its 97th straight month as we celebrated the end of the second worst bear market in history just two months ago. This bullishness compares to the average length of 59 months for the 11 bull markets since 1949. It is now the second longest bull market in history…beaten only by the run from 1987 to 2000.

Donald M. Selkin

These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning.  The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report.  This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities.  This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm.   This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author.  These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.