Friends
It’s earnings season and there appears to be a dog in the Dow almost everyday (Boeing the leader in the clubhouse and United Healthcare recently), and today the honor goes to 3M. Fortunately, Procter & Gamble and Verizon were two Dow components that produced good results. Broader based indexes like the S&P 500 and the Nasdaq are not as affected by one name like the Dow is. So, we saw the broader averages continue to move higher while 3M helped keep the Dow in negative territory for the day.
By the close, the aforementioned Dow Jones Industrial Average was down 96 points to finish the day at 37,905. The S&P 500 was up 14 points to close at 4,864. The Nasdaq Composite Index was up 65 points to close at 15,425. Gold was up $7 to trade at $2,029 per ounce, while oil was down $.29 to trade at $74.47 per barrel WTI.
The bulls will be pleased if the overall market can absorb the individual disappointments that are likely to be more than a few as earnings season continues to unfold over the next couple of weeks. At the moment, it’s one day and one earnings report at a time.
Have a nice evening everyone.
