Friends
While the battle rages on between Old Wall Street and the upstart internet traders (and the Old Wall Streeters landed a few haymakers today), we will focus on earnings and the market’s reaction. After the close of trading yesterday we got blow out numbers form both Apple and Facebook, but both stocks struggled today. Sure, these stocks have been big winners over the past 12 months and it isn’t real surprising that much of this quarter’s good news was already priced into the shares, but it is giving us something to consider when looking at overall market valuation.
As for today’s market action, by the close the Dow Jones Industrial Average was up 299 points to finish the day at 30,602. The S&P 500 was up 36 points to close at 3,787. The Nasdaq Composite Index was up 66 points to close at 13,337. Gold was down $4 to trade at $1,840 per ounce, while oil was down $.55 to trade at $52.30 per barrel WTI.
So, the take away from today’s trading is that we did see buyers appear after yesterday’s downturn, but there appears to be a lot of inconsistencies in day to day price movements-for whatever reason. We’ll see how this week finishes out tomorrow. Stay tuned.
Have a nice evening everyone.
