Friends
Well, that was an interesting ride. Stocks bolted to new highs in early morning trading on the news, (well there really wasn’t any news- stocks just went up because the market was open), but then turned and retreated only to recover in the afternoon. The Dow was up 181 points early, rolled over and fell 284 points (103 points down on the day at that point) then climbed back into positive territory. As if out of gas, the market averages drifted for the last couple of hours of trading.
By the close, the Dow Jones Industrial Average was up 41 points to finish the day at 26,252 The S&P 500 was down a point to close at 2,837. Gold was up $21 to trade at $1,357 per ounce, while oil was up $1.41 to trade at $65.88 per barrel WTI.
As expected, we seem to be getting a little more volatility as earnings season unfolds, but the beleaguered bears continue to be frustrated by the unrelenting buying that appears every time the market goes down even the smallest amount. Let’s keep monitoring the corporate earnings parade. Hopefully, we’ll have a better feel for the next couple of quarters when this earnings season is all said and done.
Have a nice evening everyone.
