Friends
As earnings season is in full force, stocks seem to be reacting fairly well to somewhat mundane earnings reports. Led by reports from the likes of DuPont, Netflix and Coach, stocks traded higher right at the open this morning and held gains for most of the trading day. There was an odd occurrence at midday when the AP’s twitter account was hacked and a phony story about explosions at the White House sent shares reeling for about 3 minutes, but after a quick 150 point drop from the highs in the Dow Jones Industrial Average, stocks recovered to recapture the day’s earlier gains.
By the close, the Dow Jones Industrial Average was up 151 points to finish the day at 14,719. The S&P 500 was up 16 points to close at 1578. Gold slipped $7 to trade at $1413 per ounce, while oil was up $.15 to trade at $89.34 per barrel WTI. The S&P is right back up at the higher part of the recent trading range. Can we break to higher highs?
As we pointed out, stocks seem to be behaving rather well in the face of some questionable earnings reports, thereby indicating that perhaps prices were reflecting that corporate earnings were going to be softer than have been reported the past two weeks. We get Apple’s earnings after the close which should be very interesting. What was the markets most beloved stock just six months ago has turned into the markets most maligned. Expectations are low.
We’ll let you know how the rest of the week unfolds.
Have a nice evening everyone.
