Friends
If a stock you own stumbles a bit after the company’s earnings release, don’t worry- a day or two later, or perhaps even that same day (see General Electric) the stock price will come right back up. Of course, I’m being facetious but it appears that nothing can stand in the way of this stock market advance. It’s been a good week of earnings, but even more impressive has been the resiliency of the shares of the companies reporting.
The overnight budget agreement which sets the stage for tax reform was an early morning catalyst that the bulls built on as the trading session wore on. For the day, the Dow Jones Industrial Average was up 165 points to finish the day at 23,328. The S&P 500 was up 13 points to close at 2,575. Gold was down $8 to trade at $1,281 per ounce, while oil was up $.18 to trade at $51.66 per barrel WTI.
Buckle up for a huge earnings week next week as we will hear from AT&T, 3M, Caterpillar, Coca Cola, Ford, McDonald’s, Boeing, Visa, Exxon Mobil, Chevron, Amazon, Alphabet (Google) and Microsoft (Mr. Softy) just to name a few. This market has been remarkable and earnings seem to be feeding the move. Let’s see how next week plays out.
Have a great weekend everyone.
Stay Strong Houston
Go Astros
