Friends
Despite all the political theater (and it never seems to end), today’s market action was a positive response to more good earnings releases. We did have a few disappointments, namely Google, United Technologies and MMM (and their shares were punished by market participants), but for every disappointment we had multiple winners such as Caterpillar. The end result was a market that continues to try to push to new highs.
By the close, the Dow Jones Industrial Average was up 100 points to finish the day at 21,613. The S&P 500 was up 7 points to close at 2,477. Gold was down $4 to trade at $1,249 per ounce, while oil was up $1.56 to trade at $47.90 per barrel WTI.
We’ll get the Fed statement tomorrow afternoon at the end of the FOMC meeting, which might disclose more about their intentions with regards to balance sheet reduction. Of course, the deluge of earnings reports will continue as the week unfolds. As we have mentioned, in total it is shaping up to be another good earnings season.
Have a nice evening everyone.
