Friends
Despite the Trump administrations tough stance on lumber tariffs with Canada, stocks enjoyed another nice day. The bulls ignored any trade war signals and focused on good earnings reports from industrial giants Caterpillar and 3M as well as fast food king McDonalds. Remember, we expect this to be a good earnings season as we rise out of the earnings recession of the past couple of years. But, we are never quite sure just how stocks will react. So far, so good, but we want to see more reports and more share price reaction before we get too comfortable.
As for today, by the close the Dow Jones Industrial Average was up 232 points to finish the day at 20,996. The S&P 500 was up 14 points to close at 2,388. Gold was down $13 to trade at $1,264 per ounce, while oil was up $.52 to trade at $49.75 per barrel WTI. The NASDAQ closed above 6000 for the first time in history.
Tomorrow, we’ll get earnings from giants P&G, Boeing, PepsiCo, United Technologies and Amgen- just to mention a few. Will a good earnings season change the tone of the bond market? Well, the 10-year note has edged up in yield just a bit, but so far the bond market could not be counted as believers. Let’s see how the rest of this week plays out. So far the bulls are ecstatic.
Have a nice evening everyone.
