Tech stocks can thank Google and their blowout quarter while bank stocks are seemingly the Achilles heel for the Dow.

Technology shares closed at their highs of the day thanks in large part to Google (NasdaqGS: GOOG) which blew out their 3rd quarter earnings results. I have been looking for other tech names to join Apple (NasdaqGS: AAPL) in leading this market surge. Although quite a different story with the bank stocks which weighed on the Dow today. This ilk has been hammered recently over concerns of the mortgage mess that our country is facing and how this could cost banks billions of dollars in losses and more write downs. I think the biggest fear out there is nobody really knows the magnitude of the losses and whether or not a moratorium will be placed on foreclosures. That in itself could drag the housing market recovery out much longer than anticipated which of course could effect the overall economic recovery as well.

Look there is no easy fix to the mortgage crisis this country faces and it will take time for the enormous amount of current and future inventory to be soaked up. Nonetheless America continues to show resiliency in the most difficult times and I have faith that over time we will overcome and hopefully learn from the mistakes that have been made across the board.

Have a great weekend 🙂