Friends
Another great round of earnings this morning led by McDonalds sent stocks higher at the open, but as we have seen of late, that didn’t last. Stocks reversed course as the trading session wore on, and by the close we finished the last day of April in the red. Once again, good news is not producing good results.
For the day, the Dow Jones Industrial Average was down 148 points to close at 24,163. The S&P 500 was down 21 points to close at 2648. Gold was down $4 to trade at $1,318 per ounce, while oil was up $.39 to trade at $68.49 per barrel WTI.
Added to the markets seeming disinterest in stellar earnings reports, was the global tensions developing over Iran. Israeli Prime Minister Netanyahu claimed that documents show that Iran has lied about developing nuclear weapons. Oil prices did rise some in response to the heightened tensions. We still have a busy earnings week ahead as Pfizer, Merck, Apple, Cummins, CVS, ADP, Humana, Kraft, Marathon and many others report. Let’s see if the we can get some love for good earnings this week. I’m not holding my breath. Stay tuned.
Have a nice evening everyone.
