Friends
Despite the concerns the effects of the Government shutdown might have on the economy by extension corporate earnings, share prices rose today despite less than stellar bank earnings reports. Again, how stocks react to the earnings release give us a look into whether they were priced accurately going into the release. Today, JP Morgan’s share price fell early in trading, but ended higher by the end of the trading day.
The market in general had a good day, led by banks, with the Dow Jones Industrial Average up 155 points for the day to close at 24,065. The S&P 500 was up 27 points to close at 2,610. Gold was down $1 to trade at $1,289 per ounce, while oil was up $1.61 to trade at $52.12 per barrel WTI.
Despite the obvious headwinds stocks continue to push higher so far in January. We still haven’t cleared major resistance levels, but if we do the bears might find themselves playing some defense for a change. Let’s see if the bulls can power higher.
Have a nice evening everyone.
