Friends
After a quiet opening for stocks, a spike in oil prices and bond yields seemed to encourage the bulls to get back in the buying mood which led to a triple digit gain in the Dow early in the last hour of trading. But in the last half hour of trading, the bulls pulled in their horns and stocks drifted lower into the close.
By the close, the Dow Jones Industrial Average was up 42 points to finish the day at 18,096. The S&P 500 was up 1 point to close at 2102. Gold was down $8 to trade at $1,246 per ounce, while the aforementioned oil was up $1.55 to trade at $42.74 per barrel WTI.
After the close we get another slew of earnings reports, while this morning’s releases included a less than stellar report from Coca-Cola. Again, we have seen more than a few disappointing earnings releases so far this season, but stock price reaction has been mixed. Coke was evidently priced too high, but Intel, for instance, despite a lousy report actually saw its share price rise. We’ll try to continue to give you color on this earnings season. Stay tuned.
Have a nice evening everyone.
