Friends
It was a big week for earnings and for the most part Corporate America delivered results that were better than expected. Sure, some stocks went down after good/decent earnings and some even went up after bad earnings, but for the most part the bulls have to be pretty happy that they survived a week that was difficult early but rewarding later. It looks like we’ll see another bank go under this weekend, but the demise of First Republic has been unfolding for weeks now so it’s not a shock. In the meantime, the bears took a shot early in the week, but the bulls held the high ground as the week ended.
As for today, by the close the Dow Jones Industrial Average was up 272 points to finish the day at 34,098. The S&P 500 was up 34 points to close at 4,169. The Nasdaq Composite Index was up 84 points to close at 12,226. Gold was down $1 to trade at $1,997 per ounce, while oil was up $1.93 to trade at $76.69 per barrel WTI.
Next week all eyes will be on the Fed and the FOMC meeting that will take place Tuesday and Wednesday. We expect the Fed to raise the Fed Funds rate another quarter of a point on Wednesday and likely (but not certain) soften their rhetoric with regards to their inflation battle. We also get an earnings release from Apple next week and that’s always one the market focuses on. So, let’s get our rest and be ready for next week.
Have a great weekend everyone.
