Friends
After a calm 60 point advance in the Dow Jones Industrial Average yesterday, traders followed up yesterday’s move with another 96 points to the upside today with the Dow finishing the day at 12,578. The S&P 500 was up 14 points to close at 1308, which was the first close we have had over 1300 since last July. Gold was up $6.70 to close near $1662, and oil was basically flat finishing around $100.86 per barrel WTI.
Earnings reports have been mixed with the focus having been on financials early in this earnings season. Goldman surprised with a better than expected report this morning, but for the most part the results have been mixed as far as the financials go. The PPI number was slightly better than expected this morning but the Industrial Production number was a little disappointing; this following a very good Empire State manufacturing number that we saw yesterday.
Overseas, we have seen better numbers out of China this week, and we seem to be getting closer to a deal between Greece and its creditors as soon as Friday. Other news today included more hedge fund manager arrests for insider trading (throw them all in jail), and the White House saying no to the Keystone TransCanada pipeline deal.
Hey, at least we got a close above 1300 on the S&P and for the moment the trend seems to be up. We never get too excited about short moves, but it would be nice to have a positive January which often sets the tone for the year. We’ll get Bank of America’s earnings tomorrow, and over the next two weeks we’ll see reports from America’s leading companies. Stay tuned.
Have a nice evening everyone.
