Friends
It was another good day for stocks in what is turning out to be a very good week for the markets. Earnings continue to be stellar with more than 80% of the companies that have reported having beaten expectations. And, they are beating expectations handily with the average beat being about 17% better than expectations.
Today’s action saw stock open to the upside and then basically holding those gains for the entire trading session. By the close, the Dow Jones Industrial Average was up 332 points to finish the day at 31,056. The S&P 500 was up 41 points to close at 3,871. The Nasdaq Composite Index was up 167 points to close at 13,777. Gold was down $40 to trade at $1,794 per ounce, while oil was up $.61 to trade at $56.30 per barrel WTI.
We will get a jobs number tomorrow, but these numbers, though terrible for the individuals who have lost jobs, have not moved markets. The Covid-19 induced jobs losses are hoped, in the most part, to be temporary – at least apparently in the eyes of market participants. Let’s see how the week finishes out tomorrow. The bulls certainly hold the high ground at the moment.
Have a nice evening everyone.
