Friends
While President Trump was signing an executive order to allow the go ahead for the Dakota and Keystone pipelines, stocks finally woke up and began to rally. We had earnings from five different Dow components this morning (with mixed at best results), but that didn’t put a damper on the festivities. Now, did we wake up from a month long slumber, or was this just a one day phenomenon? We will see.
For the day, the Dow Jones Industrial Average was up 112 points to close at 19,912. The S&P 500 was up 14 points to finish the day at 2280. Gold was down $7 to trade at $1,208 per ounce, while oil was up $.34 to trade at $53.09 per barrel WTI. Nat Gas was up $.048 to finish trading at $3.291.
As mentioned many of today’s earnings reports were nothing to write home about, which if continued over the next week or two, could be a concern. Remember, we need earnings to continue to improve, or the current level of share prices that we have will appear more and more overvalued. We have many more reports this week and next, so we won’t let one day put a damper on the whole earnings season. But, we will be watching closely.
Have a nice evening everyone.
