Friends
As we have seen this year, as Amazon, Google, Netflix and Facebook go (you can throw Apple in there too) the market averages go. Today, despite some strength in retail, mid and small caps, the averages were driven down by weakness in the big momentum names. Earnings continue to look like they will grow about 20% for the quarter, so broad based fundamentals are moving positively.
By the close, the Dow Jones Industrial Average was down 134 points to finish the day at 25,064. The S&P 500 was down 11 points to close at2,804. Gold was down $5 to trade at $1,222 per ounce, while oil was up $.53 to trade at $69.29 per barrel WTI.
Markets were also focused on an interview that President Trump did with CNBC today (it will air tomorrow morning), where he commented on interest rates and the Fed as well as the strength of the dollar. Analyst are pondering whether the President’s remarks will put pressure on the FOMC with regards to their scheduled rate hikes (it shouldn’t). Let’s see how it all plays out tomorrow and how the week finishes out.
Have a nice evening everyone.
