NEW YORK (CNNMoney)
There's hope that the rebound rally this week could continue. The Dow soared 162 points on Wednesday, while the S&P 500 and Nasdaq both rose by more than 1%.
Investors spent the morning sorting through a mixed batch of earnings that showed strength in banking and consumer companies, but weakness in technology.
Ed Yardeni, president and chief investment strategist at Yardeni Research, wouldn't be surprised if stocks trade sideways today.
"Traders want to enjoy the weekend and not have to worry before they get back to work," he said. Markets are closed tomorrow in observance of Good Friday.
The sell-off in momentum stocks, mostly tech and biotech, has been the key story this month, and it's playing out again today.
Google (GOOG, Fortune 500) is down nearly 3%. Ad volume surged 26% in the most recent quarter. While that would impressive for just about anybody else, Wall Street is now conditioned to see anything less than spectacular as a "meh" when it comes to Google.
"Old tech" bellwether IBM (IBM, Fortune 500) is also sliding. The company was refuge when the momentum stocks relentlessly sold off last week, but its earnings were down again in the first quarter and that obviously bothered some investors.
Related: CNNMoney's Tech 30
One area leaving a better taste in investor mouths today: restaurant and food companies.
Traders can't see to get enough of Chipotle (CMG). The stock is surging (up 5%). The restaurant chain missed earnings estimates but revenue came in higher than Wall Street had predicted. Even the winter weather didn't keep people from getting their Tex-Mex fix.
Pepsico (PEP, Fortune 500) share also have some fizz today after the company's reports of growth in its snack businesses.
Related: Chipotle's burrito boom continues
Banks are another bright spot today. Goldman Sachs (GS, Fortune 500) is sharply higher after strongly outperforming Wall Street expectations. Investment banking revenue the highest since 2007.
Fellow financial Morgan Stanley (MS, Fortune 500) is also having a good day after reporting that first quarter earnings surged 63% and revenues grew 10%.
Related: CNNMoney's Tech30
China's Weibo begins trading today. Some have called Weibo the Twitter of China, but the company had to cut its offering from 20 million shares to just under 17 million shares, raising less money than expected.
Weibo is being watched closely as a warm-up for China's Alibaba, which is expected to start trading in the U.S. in the coming months. Alibaba is China's version of a hybrid Amazon.com/eBay.
Related: Weibo IPO: Not looking good for Chinese stocks debuting in the U.S.
In Europe, rising tensions in eastern Ukraine were adding to the unsettled tone. European, U.S., Russian and Ukrainian officials are meeting in Geneva today to try to find ways to resolve the crisis.
President Obama has warned of new sanctions against Russia if the talks fail. European markets are slightly higher.
China GDP data published Wednesday showed the world's second largest economy is slowing, but not as dramatically as some had feared. Asian markets ended mixed. 
First Published: April 17, 2014: 10:06 AM ET
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