Friends
Led by the massive advance of the shares of Dow component IBM, the industrials smashed through the 23,000 level with ease. The rest of the market’s move was somewhat muted, but nevertheless we continue to climb higher. It’s only a small sample size, but earnings season is off to a good start.
By the close, the Dow Jones Industrial Average was up 160 points to finish the day at 23,157. The S&P 500 was up 1 point to close at 2,561. Gold was down 3 points to finish the day at $1,282, while oil was up $.13 to trade at $52.01 per barrel WTI.
Today’s housing starts number was a bit on the weak side, and despite hurricanes and fires the Fed’s Beige book still is pointing to modest economic growth (a familiar refrain). Still, the next couple of weeks will be all about earnings. As mentioned, it’s too early to draw any conclusions about the strength of corporate earnings in the 3rd quarter, but so far so good.
Have a nice evening everyone.
Stay Strong Houston
Go Astros Bullpen
