Friends
Fueled by some tasty earnings reports form tech giants Microsoft, Amazon and Google (Alphabet), stocks added to yesterday’s surprising gains and pushed market averages towards positive territory for the year. The Dow still has some work to do, but the S&P finished the trading session showing gains for the year.
At the close, the Dow Jones Industrial Average was up 157 points to finish the day at 17,646. The S&P 500 was up 22 points to close at 2075. Gold was down $1 to trade at $1165 per ounce, while oil was down $.70 to trade at $44.68 per barrel WTI.
Yes, this was a welcome and somewhat surprising rally that we have seen since the beginning of the month. Next week will be chocked full of earnings reports, economic data points, and most importantly a meeting of the FOMC on Tuesday and Wednesday. After the last meeting, it would seem unlikely that the Fed has any intention of raising interest rates next week, but I guess you never know. Let’s see if the bulls can hold the high ground next week as they are bombarded with potential market moving headlines and data points. After this week’s craziness, I can’t wait for Monday to get here.
Have a great weekend everyone.
