Friends
Ok, we are off to a decent start to May. After the close yesterday we got earnings releases from Microsoft and Meta, and both were fantastic. Today after the close we get to see what Apple and Amazon have to say. The Dow and the S&P’s winning streaks are impressive given how negative sentiment was just a week or two ago (actually still is). I mentioned that we were due for a rally given how oversold stocks were a couple of Monday’s ago, but now I’m wondering if we might cool off just a bit. We will see.
Anyway, the bulls will continue to enjoy the rally. For the day, the Dow Jones Industrial Average was up 83 points to close at 40,752. The S&P 500 was up 35 points to finish the day at 5,604. The Nasdaq Composite Index was up 264 points to close at 17,710. Gold was down $82 to trade at $3,237 per ounce, while oil was up $.85 to trade at $59.06 per barrel WTI.
In addition to important earnings releases, we get the all-important non-farm payroll number tomorrow. Today’s weekly jobless claims were higher than expected. Though it may be confusing at the moment analysts are expecting about 133,000 new jobs to have been created in April. We’ll let you know how the week finishes out tomorrow. Stay tuned.
Have a nice evening everyone.
Jim
