Friends
Stocks rallied at the open despite dismal earnings reports from the likes of IBM, Goldman Sachs and Netflix, but the bulls seemed a bit weary as the trading session moved into midday. But in the afternoon, the bulls got a second wind and stock prices moved back into positive territory. Earnings reports weren’t all bad though, as Johnson & Johnson had a very nice day after reporting good earnings numbers this morning.
For the day, the Dow Jones Industrial Average was up 49 points to close at 18,053. The S&P 500 was up 6 points to close at 2100. Gold was up $17 to trade at $1,252 per ounce, while oil was up $1.21 to trade at $41.01 per barrel WTI.
Again, earnings continue to roll out. It is a bit early, but so far the weakness in corporate earnings that were expected seem to be unfolding. Not every company is struggling, and some might actually beat those lowered expectations, but anemic global growth appears to be taking its toll. Now, if you want a silver lining, earnings comparisons will become easier to beat in the coming twelve months. So a lowered bar, works both ways.
Have a nice evening everyone.
