Friends
Buoyed by a strong retails sales number and good earnings reports from a couple of the country’s largest retailers, stocks posted decent gains for the trading session. Both Walmart and Home Depot had very good earnings numbers though Walmart’s shares retreated while Home Depot’s soared. If goods are available it appears that it will be a good holiday season for retailers. The demand is there.
As for the market averages, by the close the Dow Jones Industrial Average was up 54 points to finish the day at 36,142. The S&P 500 was up 18 points to close at 4,700. The Nasdaq Composite Index was up 120 points to close at 15,973. Gold was down $15 to trade at $1,851 per ounce, while oil was down $.07 to trade at $80.81 per barrel WTI.
Yes, markets are near all-time highs, but a deep dive reveals how some stocks are pushing towards new highs on a daily basis while others linger in negative territory for the year. We’ve seen rotations all year long and for the most part that has been good for advancing the market averages in general. We get more retailers reporting tomorrow including Target, Lowes and TJ Maxx. Let’s see if the retailers can keep the party going.
Have a nice evening.
