Friends
Last month was the worst December we have seen for stocks in many decades. So, of course, we’ve just concluded a January that was the best for stocks in decades. Quite a wild ride. What has changed since that gloomy Christmas Eve when stocks hit tumbled to new lows? Well, first and foremost, the Federal Reserve has backed off its somewhat hawkish monetary policy plans and have become lovable doves. Add to that, the hope of a trade deal with China and a decent/not great earnings season, and voila, you have a tasty rally in stocks for the month of January.
As for today, by the close the Dow Jones Industrial Average was down 15 points to finish the day at 24,999. The S&P 500 was up 23 points to close at 2,704. Gold was up $10 to trade at $1,325 per ounce, while oil was down $.30 to trade at $53.93 per barrel WTI.
On the economic front a strong new home sales number was offset by a weak Chicago PMI number, so once again mixed results. Earnings also continue to be mixed with Facebook leading the way to the upside today, while DowDupont disappointed. Amazon reports after the close today, so that should be interesting. Also, we’ll get the non-farm payroll number tomorrow. Let’s see how we finish up the week tomorrow.
Have a nice evening everyone.
