Friends
There was just a sprinkling of earnings reports this morning, but boy were they helpful to the market averages. Citi and Bank of America helped the financials, while United Healthcare and Walgreens helped buoy the Dow Jones Industrial Average. In the end stocks rallied in a manner that we haven’t seen in weeks.
By the close, the Dow Jones Industrial Average was up 534 points to finish the day at 34,912. The S&P 500 was up 74 points to close at 4,438. The Nasdaq Composite Index was up 251 points to close at 14,823. Gold was up $4 to trade at $1,798 per ounce, while oil was up $.97 to trade at $81.41 per barrel WTI.
It’s been a good recovery week for stocks as early returns from corporate earnings have been decent so far. It will be interesting to see how well the market has priced the shares of industrial and material stocks as well as consumer durables and non-durables. The next couple of weeks will tell the story. In the meantime let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
