Friends
The bears gave it a good push for most of the trading session, but Apple being both in the Dow and the S&P just couldn’t be held down. The big tech earnings, especially Apple, Amazon and Facebook were stellar after the close yesterday, which fueled a surge of the NASDAQ. Other earnings reports were more mixed as energy names like Chevron and Exxon stumbled, as did Caterpillar to some extent, while Merck was more moderate. In the end, what looked to be a difficult day for stocks was saved, once again by a handful of names.
By the close, the Dow Jones Industrial Average was up 114 to finish the day at 26,428. The S&P 500 was up 24 points to close at 3,271. Gold was up $23 to trade at $1,990 per ounce, while oil was up $.47 to trade at $40.39 per barrel WTI.
It is amazing how a handful of stocks have influenced the market averages not only now, but in recent years. If you eliminate 5 names from the S&P 500 you would discover that stocks have done much less than you think over the last 5 years. Today was just another example how the few are carrying the water for the many. It’s been quite a week of earnings, testimonies and medical headlines. We’ll be back at it on Monday with another week of earnings to digest. Stay tuned.
Have a great weekend everyone.
