Stocks are building on recent gains, with the S&P 500 (GSPC) and Nasdaq (IXIC) higher for a fourth straight session after Apple's (AAPL) stellar results.

Yahoo Finance Senior Columnist Michael Santoli says it’s a very impressive bounce but the market still has plenty to prove here, and earnings and the reaction to earnings will tell us a lot about how the rest of the week will go.

Investors on both sides of the Atlantic also reacting to speculation that the European Central Bank will provide further economic stimulus by buying corporate bonds.

Santoli points out markets are still prone to looking toward central bankers for an easy money fix.

“We are still in that mode of saying if markets throw a big enough tantrum the central bankers will come with something else to pacify them,” he says. 

Apple shares rose this morning. The tech giant reported earnings and revenue that smashed through Wall Street estimates. Revenue rose 12% from a year earlier as it sold more than 39 million iPhones. Strong demand for its iPhones helped Apple offset sluggish iPad sales last quarter

In other earnings news, Chipotle (CMG) shares fell after it warned that its hot sales streak may be cooling off next year. That comes despite reporting strong same-store sales growth last quarter.  Earnings and revenue also beat analysts' estimates, 

Meantime, McDonald's (MCD) continues to struggle with sales growth. The world’s largest fast-food chain said revenue fell short of estimates in the third quarter as sales dipped more than 3%. However, McDonald’s earnings per share did top forecasts. McDonald's stock is lower in early trading. 

Coca-Cola (KO) shares were also lower ahead of the bell after the world’s largest beverage maker reported earnings were in-line with analysts’ estimates. But revenue missed the mark, down more than 1% from a year earlier as it continued to struggle with soda sales and headwinds from the stronger dollar. Coca-Cola also unveiled a broader cost-cutting plan. 

We are also keeping an eye on Staples (SPLS).  The office supply chain could be the latest retailer to be hit by a hack attack. Staples said it is investigating a possible card data breach after reports by computer security blogger Brian Krebs. This follows data breaches at Home Depot and Target.

Shares of Shire (SHPG) also in the spotlight this morning after AbbVie made it official and said it's withdrawing its offer to buy the Irish drug maker in a tax inversion deal. However, Shire is not leaving empty handed. AbbVie will pay a breakup fee of over $1.6 billion  AbbVie's board got cold feet after the U.S. Treasury Department created new rules that would limit the tax benefits of incorporating overseas. Shares of AbbVie (ABBV) were higher on the news in early trading. 

In other news, CVS Health (CVS)  says it will offer a prescription drug plan that charges more if you buy your prescriptions at a pharmacy which sells tobacco products.  Not so coincidentally, CVS just eliminated sales of tobacco at its drugstores, while rivals Walgreens (WAG) and Rite Aid (RAD) have not.