Friends
Stocks rebounded from the “capital gains tax shocker” to recover most of yesterday’s losses. Of course, yesterday’s news on taxes from the President wasn’t really a shocker. We all know that it is likely that taxes are going up. The only question is when and how much. A less than stellar earnings report from Kimberly-Clark sent the staples lower, but most other segments of the market participated in the rally. Higher costs and shortages are affecting producers of common household products and they are letting everyone know that they are going to be passing those costs on to the consumer.
As for today, by the close the Dow Jones Industrial Average was up 227 points to finish the day at 34,043. The S&P 500 was up 45 points to close at 4,180. The Nasdaq Composite Index was up 198 points to close at 14,016. Gold was down $5 to trade at $1,776 per ounce, while oil was up $.73 to trade at $62.16 per barrel WTI.
Next week we get earnings from many of the big growth companies including Apple, Amazon, Google and Microsoft. Though some individual company stock reactions have been negative, the market averages are still holding their own. Let’s see how next week plays out.
Have a great weekend everyone.
