Friends
The stock market showed a lot of resilience today. After a 50 point drop in early morning trading in the Dow, stocks rallied in the afternoon to post gains by the close. Without much news to trade on, investors seemed uninterested as the day began, but became more emboldened as the day wore on. After Friday’s ugly jobs report, it is surprising that stocks were able to fight off the negative vibes and not only recover but actually climb higher today.
For the day, the Dow Jones Industrial Average was up 48 points to close at 14,613. The S&P 500 was up 9 points to finish the day at 1563. Gold was down $3 to trade at $1572 per ounce, while oil was up $.84 to trade at $93.54 per barrel WTI.
Earnings season begins this week, and most eyes will be on the financials and the likes of J. P. Morgan Chase and Wells Fargo who will report later in the week. Alcoa kicks things off this afternoon. We’ll let you know how the week unfolds. By the way, our quarterly outlook will be available in the next couple of days so be looking for that in email form. Clients will also receive a copy with their quarterly summary.
Have a nice evening everyone.
