Investors applauded earnings from Apple and Texas Instruments which led to an extremely positive Tuesday on Wall Street for the S&P 500 and NASDAQ exchanges.

"When you look at Apple, it almost takes your breath away. It's such a big company, and so important to the S&P 500 and the technology sector, so it has a lot of weight," Hugh Johnson, chairman of Hugh Johnson Advisors told CNBC.

Chipotle had very impressive growth in sales, but even they admitted that the growth will not go on forever.

Apple's numbers easily beat analysts expectations. With almost 40 million iPhones sold, the company enjoyed seeing their profits soar.

The Dow Jones too had an excellent day, rising 215.14 points to close the day at 16,614.81.

With Tuesday being such a positive day on Wall Street the CBOE Volatility Index (VIX) fell yet again, this time falling more than 12 percent to 16.26. When the VIX falls it means consumers have more confidence in the markets.

"The stock market in late September was 4 percent overvalued and optimism was widespread; everybody knew corrections occur and we were overdue. Of course when they do happen it really shakes our confidence. We moved from being 4 percent overvalued at one point in time to 8 percent undervalued, so pessimism started to take over. We went from conditions that were bad for stocks to conditions that are good news for stocks," Johnson added.

For every stock that fell Tuesday on the New York Stock Exchange, five gained.

Wednesday is another big earnings day for several companies

Selected companies set to report Wednesday are:

  • AT&T
  • Boeing
  • Abbot Labs
  • Yelp
  • Angie's List
  • LaQuinta (hotels)

What do you think of today's performance on Wall Street? Do you own stocks? What is your favorite stock? Leave us a comment below and let us know what you think.