Friends
The seesaw week continues. Down Monday, up Tuesday, down Wednesday, now up today. Good earnings reports from Under Armour and Facebook seemed to light the fire at the opening, and that combined with oil rallying for the second day in a row led to solid gains in stocks. Tomorrow, we will get our first look at 4th quarter GDP, and the consensus among analysts is that growth was less than 1% as 2015 came to a close.
As for stocks, by the close the Dow Jones Industrial Average was up 124 points to finish the day at 16,069. The S&P 500 was up 10 points to close at 1893. Gold was down a fraction to trade at $1,115 per ounce, while the aforementioned oil was up $1.33 to trade at $33.63 per barrel WTI.
Back to the GDP number that we will see tomorrow, as with earnings, expectations are very tempered at the moment. As we are seeing with company earnings reports, there is a mixed bag of results, as well as a mixed bag of share price reaction. Some stocks seem to have priced in the slumping earnings environment, and some have not. So far it seems to be about 50/50. We’ll continue to monitor earnings season to try to find a pattern, but maybe there just isn’t one during this price disruption. Let’s see how the week ends up tomorrow.
Have a nice evening everyone.
