1:05pm (EST)   

The bulls are adding to Monday’s gains as the market continues to recover from last Friday’s sell-off.  There is no economic news out today and stocks are rallying following a number of good earnings reports.

There are a couple of announcements we are watching after the bell today and they are Apple (AAPL, $246.46, down $0.61) and Yahoo (YHOO, $18.30, down $0.09). 

Apple is expected to post numbers of $2.25 billion, with earnings per share coming in at $2.45, according to Wall Street’s suit-and-ties.  In the same period last year, the company earned $1.2 billion, or $1.33 a share. Revenue is forecast to jump nearly 30% to $12 billion. 

Yahoo is expected to come in at 9 cents a share on revenue of $1.6 billion. 

Earlier this morning, International Business Machines (IBM, $129.51, down $2.72) said its profits rose to $2.6 billion, or $1.97 per share, versus $2.3 billion, or $1.70 a share, in the year earlier period.  Analysts had expected earnings of $1.93.  Revenue rose 5% to $23 billion which beats projections of $22.7 billion. 

IBM is down 2% despite raising its 2010 profit target (again) to $11.20+ from a previous forecast of $11.  It was the second straight quarter IBM raised guidance and has done so more than this if you count them upping guidance during the previous quarters. 

As we head to press, the Dow is currently enjoying a 33 points gain and is at 11,125 while the S&P 500 is back over 1,200 as the index a has added 9 points and is at 1,206.  The Nasdaq is at 2,498, up 18 points.