Friends
We still have to hear from Amazon today after the close and Apple next week, but earnings from big tech giants appear to be coming to the rescue of the bulls. After the close yesterday Meta (Facebook) joined Microsoft and Google earlier in the week, in delivering a quality earnings report. These tech behemoths account for so much of the makeup of the market averages that when they do well the market averages do well.
For the day, the Dow Jones Industrial Average was up 524 points to close at 33,826. The S&P 500 was up 79 points to finish the day at 4,135. The Nasdaq Composite Index was up 287 points to close at 12,142. Gold was up $2 to trade at $ 1,998 per ounce, while oil was up $.51 to trade at $74.81 per barrel WTI.
We also got our first look at 1st quarter GDP and the results were weaker than expected. The economy grew by 1.1% in the first quarter well below the analysts’ estimated 2%. Also inflation was higher than expected with the PCE price index up 4.2% vs the 3.7% estimate. This almost assures that the Fed will raise rates again in their next FOMC meeting which occurs next week. The bulls feel a little better after today’s action. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
