Friends
Despite some pretty good earnings reports from behemoths Microsoft and Google, stocks after trying to rally early, had another difficult session. First Republic Bank circling the drain is not helping any as news about the bank continues to weigh on market sentiment. In general, though, we are seeing a bit a of price reset, not only on an individual basis, but the market as a whole despite the numbers coming in better than expected.
As for today, by the close the Dow Jones Industrial Average was down 228 points to finish the day at 33,301. The S&P 500 was down 15 points to close at 4,055. The Nasdaq Composite Index was up 55 points to close at 11,854. Gold was down $6 to trade at $1,998 per ounce, while oil was down $2.82 to trade at $74.25 per barrel WTI.
Another issue weighing on the markets is the political wrangling over the debt ceiling that is going on in Washington. We have seen this movie over and over again, but it does get the attention of market participants when a threat of default of the United States of America is threatened. In the meantime, we will continue to monitor corporate earnings and the markets reactions to them. Stay tuned.
Have a nice evening everyone.
