Friends
The nine day winning streak that the Dow Jones Industrial Average was on finally came to a close today, and that may not be a bad thing. After a run like we’ve been on, it is often a good thing that the markets experience a pause that hopefully refreshes. There really isn’t much to read into today’s action other than we were due for a pause. Nothing changed today other than we continue to see more and more earnings releases, many more better than not. As we have mentioned lately, the domestic economic picture quietly has improved, and adding a better than expected earnings season (so far) could form a foundation for future growth and maybe even accelerated Fed action (that’s not a prediction though).
As for today, by the close the Dow was down 77 points to finish the day at 18,517. The S&P 500 was down 7 points to close at 2165. Gold was up $13 to trade at $1,332 per ounce, while oil was down $1.13 to trade at $44.62 per barrel WTI.
Trading has been on the quiet side this week and that is no real surprise as we enter the dog days of summer. We’ll continue to monitor the earnings situation which has been more interesting and encouraging than most experts thought it would be. Stay tuned.
Have a nice evening everyone.
