Friends
We had earnings releases from money center banks this morning including JP Morgan, Bank of America, Citi, and Wells Fargo and all were acceptable. Shares of the banks had moved higher into the print but after an initial selloff at the open, the shares all moved higher by the close. That is a pretty interesting reaction given that the set up was for a sell the news scenario whatever the results were. The bulls continue to hold the high ground as we head deep into earnings season in the next few weeks, but their position feels precarious. We will see.
As for today, by the close the Dow Jones Industrial Average was up 112 points to finish the day at 34,302. The S&P 500 was up 15 points to close at 3,999. The Nasdaq Composite Index was up 78 points to close at 11,079. Gold was up $24 to trade at $1,923 per ounce, while oil was up $1.53 to trade at $79.92 per barrel WTI.
As mentioned, the bulls have had a nice start to the year, but the next few weeks will tell the story as we move deeper into the first quarter. Let’s see how corporate America is navigating the currently slowing economic environment. Markets are closed on Monday so we will be back with you on Tuesday.
Have a great weekend everyone.
