Friends
Despite disappointing numbers from Apple, Amazon and Starbucks (and especially with the first two the word “disappointing” could certainly be debated) stocks held strong on this final day of trading of the month. October was a good month for stocks after the struggles we saw in September. Indeed, resiliency has been the trademark of the stock market for some time now.
By the close, the Dow Jones Industrial Average was up 89 points to finish the day at 35,819. The S&P 500 was up 8 points to close at 4,605.The Nasdaq Composite Index was up 50 points to close at 15,498. Gold was down $18 to close at $1,783 per ounce, while oil was up $.51 to trade at $83.32 per barrel WTI.
Despite the misses by Apple and Amazon, more than half of the S&P 500 companies have now reported earnings, and more than 80% of them have beat Wall Street estimates. So, the market averages continue to hold strong while corporate America continues to recover from the pandemic, despite the obvious supply chain and inflation issues. Resilient indeed.
Have a great weekend everyone.
