Friends
Stocks moved higher today as we wade headfirst into earnings season in the next few weeks. To this point in 2023, negativity has provided a sturdy wall of worry for stocks to climb. On a daily basis a consistent stream of negative analysts filled the airwaves with predictions of recessions and falling stock markets. And though there are still a few hearty souls who are undeterred in their negativity, more and more bears seem to have capitulated in recent weeks. What does this all mean for us? Well, the more folks who climb upon the bull train the more nervous I get. At least it’s something that we will be keeping an eye on as the second half of the year unfolds.
As for today, by the close the Dow Jones Industrial Average was up 76 points to finish the day at 34,585. The S&P 500 was up 17 points to close at 4,522. The Nasdaq Composite Index was up 131 points to close at 14,244. Gold was down $5 to trade at $1,959 per ounce, while oil was down $1.33 to trade at $73.09 per barrel WTI.
Buckle up, we are going to see a lot of earnings reports over the next couple of weeks. Stocks have rallied into this earnings season so it will be interesting to see if expectations are met. Stay tuned.
Have a nice evening everyone.
