Friends
It wasn’t anything too fancy, but the stock market began August about how it ended July. Stocks continue to move higher in a quiet and deliberate way. Though many feel stocks are overvalued, good earnings and a decent economy continue to be the fuel to push to higher prices. As I mentioned yesterday, seasonally August can be somewhat weak for stocks as traders hide away in The Hamptons, so it will be interesting to see if that is ignored also.
As for today, by the close the Dow Jones Industrial Average was up 71 points to finish the day at 21,963. The S&P 500 was up 6 points to close at 2,476. Gold was up $3 to trade at $1,277 per ounce, while oil was down $.96 to trade at $49.21 per barrel WTI.
We get Apple’s earnings after the close today, so that might set the tone for tomorrow’s trading. Remember, Apple shares have moved up quite nicely this year, so any disappointment could result in a selloff in the stock. It will be interesting to see if the direction of Apple’s shares influences the rest of the market. We’ll let you know how it all plays out tomorrow.
Have a nice evening everyone.
