Friends
How about that old stodgy Dow Jones Industrial Average? With one trading day left in the month, the Dow is on pace to have its best month since 1976! That’s a long time. Yes, we saw disappointing earnings from Amazon last night, but Apple’s earnings were acceptable and oil giants Exxon Mobil and Chevron both had superb earnings releases. As we have mentioned, other than some poor earnings releases from a few of the behemoth tech growth companies, it has been a pretty solid earnings season. Yes, expectations were lowered coming in, but nevertheless Corporate America has done a good job of navigating a difficult economic environment.
As for today, by the close the Dow Jones Industrial Average was up 828 points to finish the day at 32,861. The S&P 500 was up 93 points to close at 3,901. The Nasdaq Composite Index was up 309 points to close at 11,102. Gold was down $17 to trade at $1,648 per ounce, while oil was down $.97 to trade at $88.11 per barrel WTI.
Remember we have more earnings next week, but even more importantly we have a Fed meeting that will surely produce another sizable rate hike. At the moment the bulls continue to hold the high ground. Let’s see what Jerome Powell has to say about that next week.
As for the World Series which begins tonight, I have the Astros in 5.
Have a great weekend everyone and Go Astros!
