Friends
Stocks finally took a breather as the market averages end somewhat mixed for the day. We continue to get earnings reports and they continue to be a little better than expected. But, like we saw with Union Pacific today, sometimes the good news is already priced in. We always say we are watching a stocks reaction to the earnings report to give us an indication as to whether the market had things priced correctly. Still, though early, earnings season is proceeding quite nicely.
As for today, by the close the Dow Jones Industrial Average was down 12 points to finish the day at 31,176. The S&P 500 was up 1 point to close at 3,853. The Nasdaq Composite Index was up 73 points to close at 13,530. Gold was up $3 to trade at $1,869 per ounce, while oil was down $.31 to trade at $53.00 per barrel WTI.
We’ve felt stocks seemed rich heading into earnings season, but we let the market tell us how things are priced. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
