Friends
Just when it looked like the bears could capitalize on the dreary earnings reports, the big banks seemed to have reversed the flow in the bulls favor-at least for today’s trading session. The expectations were low for the likes of JP Morgan, Citi, B of A and Goldman Sachs and indeed, the reports weren’t stellar by any means. But because those expectations were so low it appears the stocks were cheaply priced as the shares of these banks led the charge to the upside.
By the close, the Dow Jones Industrial Average was up 217 points to finish the day at 17,141. The S&P 500 was up 29 points to close at $2023. Gold was up $2 to trade at $1182 per ounce, while oil was up $.06 to trade at $46.70 per barrel WTI.
We slumped early in the week and recovered some today, so basically we have had some volatility but little movement. That’s not surprising as we said that on a day to day basis this earnings season could be very choppy. So far it is. On the economic front the Philly Fed and Empire State showed contraction, while the CPI showed little price pressure. Is bad news good news again? Let’s see how the week finishes up tomorrow.
Have a nice evening everyone.
