Friends
It was a trading day that unfolded just as one would expect. We got a negative GDP print for the first quarter of 2022, so obviously stocks moved higher and gained strength throughout the trading session. Ok, I’m kidding (I think). Stocks did move nicely higher today and yes, we had a negative GDP print, but many economists don’t believe it’s the beginning of a recession. But, for the record we could already be in a recession that would be confirmed by a second quarter in a row of shrinking GDP. Stay tuned to find out. But because of various circumstances most economists think that today’s reading of the economy is temporary, and though a recession may be in the cards in the future, in the short run the next couple of quarters will show that recession is not imminent.
As for today, by the close the Dow Jones Industrial Average was up 615 points to finish the day at 33,917. The S&P 500 was up 103 points to close at 4,287. The Nasdaq Composite Index was up 382 points (3%) to close at 12,871. Gold was up $6 to trade at $1,895 per ounce, while oil was up $3.08 to trade at $105.10 per barrel WTI.
After the close we are going to get earnings from Apple and Amazon. So far, Microsoft and Meta (Facebook) have delivered well received earnings reports while Google and Netflix have disappointed. It’s been a wild week for stocks. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
