Friends
As the media reminds us, this week is the 30th anniversary of the 1987 stock market crash. Of course it was on Monday October 19, 1987, which came to be known as Black Monday. I’ve often told you of my remembrances of that day as I was then in my 3rd year at Merrill Lynch. You may remember how I have the yellowed Wall Street Journal in my desk from the following day, October 20th 1987. I won’t bore you with the details of the crash and the days that led up to it, but the next time you see me feel free to ask. Simply put, I will never forget it.
Of course, as we look back at that fateful day in 1987, here we are with the Dow hitting new all-time highs some 21,000 plus points higher. For the day, the Dow Jones Industrial Average was up 85 points to close at 22,957. The S&P 500 was up 4 points to finish the day at 2,557. Gold was down $8 to trade at $1,296 per ounce, while oil was up $.40 to trade at $51.85 per barrel WTI.
Earnings season kicks off with 9 Dow Components this week and more than 50 S&P 500 members. After Netflix reports at the close during the week we’ll get reports from GE, J&J, Goldman Sachs, American Express, Travelers, United Healthcare, Verizon and Schlumberger. Let’s see how this earnings season really kicks off this week. Stay tuned.
Have a nice evening everyone.
Stay Strong Houston
Go Astros
