Friends
The stock market took a bit of a breather today after the extraordinary and unexpected advance that we had seen since Friday morning. Earnings season has begun, with the likes of Pepsi beating lowered expectations, but the week will be a quiet one on the domestic economic front.
By the close, the Dow Jones Industrial Average was up 13 points to finish the day at 16,790. The S&P 500 was down 7 points to close at 1979. Gold was up $8 to trade at $1146 per ounce, while oil had a nice gain of $2.41 to trade at $48.67 per barrel WTI.
As mentioned, market participants should be turning their attention towards corporate earnings and future guidance by management. When determining a valuation for the market, the P/E denominator is the driving force. We’ll have a better handle on the valuation question in a couple of weeks. Stay tuned.
Have a nice evening everyone.
