Friends
Well it looks like everyone got so caught up in the 25th anniversary of the 1987 stock market crash, that they wanted to do a re-enactment today. Hey this aint the Civil War- we don’t need no re-enactment. In reality the string of lousy earnings
reports over the past few days finally took its toll on traders. After what was a very nice first part of the week, stocks gave back most of the gains to end the week basically flat.
For the day, the Dow Jones Industrial Average was down 205 points to close at 13,343 for the week. The S&P 500 was down 24 points to finish the week at 1433. Gold was down $22 to trade at $1722 per ounce, while oil was down $1.92 to trade at $90.18 per barrel WTI.
We expected this earnings season to be rocky, and so for it certainly has been. This week saw disappointments from IBM, Intel, Google, Microsoft, McDonalds and others setting the tone for a difficult end to the week. The bulls can hang their hat on the fact that we at least broke even this week. Considering the earnings headwinds, maybe that is not so bad. We’ll be back at it next week.
Have a great weekend everyone.
Jim
