Friends
The earnings parade continues and stocks reacted positively today. Morgan Stanley led the way with good numbers, but we did have one stinker as IBM held the Dow back with a less than stellar report. Despite Big Blue’s drag on the Dow, stocks still forged ahead to new highs.
By the close, the Dow Jones Industrial Average was up 66 points to finish the day at 21,640. The S&P 500 was up 13 points to close at 2,473. Gold was down a fraction to trade at $1,241 per once, while oil was up $.70 to trade at $47.10 per barrel WTI.
So far, as indicated by the push to new highs, market participants seem pleased with the early results this earnings season. We have a couple of heavy weeks to go, but so far so good. We thought earnings would be good, but wondered if share prices already were reflecting that. We’ll keep monitoring the results.
Have a nice evening everyone.
