Friends
After all of yesterday’s hoopla over the Dow crossing the 20,000 level, it appeared today that traders were suffering from a bit of a hangover. Stocks had a slight bias to the upside, but volatility was muted as the market averages drifted aimlessly for most of the trading session. Earnings reports continue to hit the tape in droves, and again, for the most part, companies are doing ok. As we have seen for years now, corporations seem to be able to deliver on the bottom line despite not as reliable revenue numbers. Continued share reduction through buybacks certainly accounts for some of the net earnings performance, but in general American companies continue to be efficiently operated.
As for today, by the close the Dow Jones Industrial Average was up 32 points to finish the day at 20,100. The S&P 500 was down 1 point to close at 2,296. Gold was down $8 to trade at $1,189 per ounce, while oil was up $1.08 to trade at $53.83 per barrel WTI. Nat Gas was up $.033 to finish trading at $3.365.
Earnings continue after the close and before the opening bell tomorrow with the likes of Starbucks, Intel and Google (Alphabet) reporting. We’ll keep an eye on those earnings reports and any political news and let you know how the week wraps up tomorrow.
Have a nice evening everyone.
