Friends
Another day, another round of earnings reports moving stocks. After the close yesterday Apple beat analyst’s estimates, but after the recent rise in its share price it was not surprising to see some profit taking. On the positive side it appears that Boeing shares were not over owned as its earnings reports sent its shares higher helping the Dow. As for the market in general, stocks slumped early (with the Dow falling more than 100 points) but fought back to post modest gains in the Dow.
For the day, the Dow Jones Industrial Average was up 30 points to close at 18,199. The S&P 500 was down 3 points to finish the day at 2139. Gold was down $6 to trade at $1,267 per ounce, while oil was down $.81 to trade at $49.15 per barrel WTI. Natural Gas was down $.074 to trade at $3.075.
The earnings keep coming this afternoon and the rest of the week, so for individual shares the earnings reports are the catalysts. As we have seen, it’s not just if you beat analyst’s estimates, but whether your shares are priced accordingly. Of course, the dollar, oil prices and politics are moving the market in general as well, so the combination makes for a bit of sloppiness, which we have seen. Let’s see how the next two days play out.
Have a nice evening everyone.
