Friends
It was another somewhat volatile day of trading for stocks with mixed results at the close. We continue to get stellar earnings releases from the banking sector with Bank of America and Morgan Stanley being today’s winners. The banks have gotten this earnings season off to a great start. But again, the market averages are responding to hour-by-hour headlines right now.
By the close, the Dow Jones Industrial Average was down 17 points to finish the day at 46,253. The S&P 500 was up 26 points to close at 6,671. The Nasdaq Composite Index was up 148 points to close at 22,670. Gold was up $61 to trade at $4,224 per ounce, while oil was down $.21 to trade at $58.49 per barrel WTI.
Back to earnings for a second. The challenge for the market is – are stocks already pricing in what could be a really good earnings season? We will be finding that out on a daily basis, but good earnings are good earnings and whether they justify a current price or predict a higher price in the future, they are still constructive to the bull market. We’ll continue to monitor corporate America’s quarterly report card and report to you the results. Stay tuned.
Have a nice evening everyone.
