Friends
In terms of today’s market environment, yesterday’s stock market reversal that saw the Dow give up a near 300 point gain would now be considered a ravaging bear market. I jest, of course (I think) but yesterday’s reversal was quickly and easily forgotten by the opening of trading this morning. Stocks continued to gather strength all through the trading session despite just ok earnings from the banking sector over the past few days. In addition, this afternoon Apple announced that they would contribute $350 billion to the U. S. economy in the next five years, build a new campus somewhere and create 20,000 new jobs. I can see President Trump doing a mic drop as I type.
By the close, the Dow Jones Industrial Average was up 322 points to finish the day at 26,115. The S&P 500 was up 26 points to close at 2,802. Gold was down $8 to trade at $1,328 per ounce, while oil was up $.16 to trade at $63.89 per barrel WTI.
As we emerge from the deep freeze here in the South, stocks are emerging from the vicious inconvenient one day market drop of January 16, 2018. In all seriousness, earnings season will kick into full force over the next couple of weeks, so it wouldn’t be surprising if we see more volatility in the next few weeks. Stay tuned.
Have a nice evening everyone.
