Friends
More positive news on the inflation front today as the Producer Price Index (prices at the wholesale level) came in below expectations. Big banks JP Morgan Chase, Citi, and Wells Fargo kick off earnings season tomorrow, but we got a look at a couple of early releases today and both Pepsi and Delta Airlines had very good earnings numbers. Though modestly, stocks continue to move higher.
For the day, the Dow Jones Industrial Average was up 47 points to close at 34,395. The S&P 500 was up 37 points to finish the day at 4,510. The Nasdaq Composite Index was up 219 points to close at 14,138. Gold was up $2 to trade at $1,964 per ounce, while oil was up $1.38 to trade at $77.13 per barrel WTI.
We got news on inflation this week and now we move headfirst into earnings season. Analysts have been predicting an earnings recession for several quarters now which has yet to reveal itself. Let’s first see how a few big banks fare and the week finishes out tomorrow.
Have a nice evening everyone.
