A lot of times after bad news is announced you see a rally. This is done to catch shorts off guard. I saw Boeing do it and other stocks many times.
The news today was just awful. The market is in bad shape too. The news in Europe is causing the dollar to rally big time. The market does not like this and the dollar will firm up. Additionally the earnings season is ending with CSCO. The market has now run up 17% is due a pullback.