Companies that are reporting good results are being rewarded, but it's not really having too much of a carryover effect into other stocks,
The underlying fundamentals of the market still remain very healthy. We are looking at good solid earnings growth in the first quarter and economic growth that has bounced back.
After the market rallied hard on the Fed minutes earlier this week, the perception had been building that good, but not strong, economic data is positive because that signals the Fed having to raise rates less. It's one of those cases where good news is bad news for the economy.