Friends
Once again, earnings reports were mixed, but the stock weighing most on the Dow Jones Industrial Average was McDonald’s Corp. which single handedly kept the Dow out of positive territory most of the day. The fast food giant disappointed the street with a lackluster earnings report. Other than that, it was a very quiet day, as the market averages seemed stuck in neutral, traders seemingly preoccupied with guessing the sex of the royal baby.
As for stocks, the Dow was up one point to close at 15,545. The S&P 500 was up 3 points to finish the day at 1695. Gold had its best day in a long time with the precious metal rallying $40 to trade at $1332 per ounce. Oil was down $1.18 to trade at $106.69 per barrel WTI.
On the economic front, existing homes sales came in a little light, and this week we’ll see new home sales numbers along with the Richmond Fed report and durable goods orders. Of course on Thursday we’ll get the weekly jobless claims number. As mentioned last week, it will be interesting to see if the S&P can get through the 1700 level and continue this summer rally. We’ll be watching.
Have a nice evening everyone.
