Friends
Though earnings are not beating estimates (they are off about 2%-3%), corporate revenues are slightly ahead of analysts’ estimates as we near the halfway point of this earnings season. So far, it appears that stocks were priced for something worse. Tesla surprised after the close yesterday with those shares smartly higher during today’s trading session. On the economic front we saw a positive surprise in 4th quarter GDP and Durable Goods orders, so the recession still appears to be on hold for the moment.
As for the market averages, by the close the Dow Jones Industrial Average was up 205 points to finish the day at 33,949. The S&P 500 was up 44 points to close at 4,060. The Nasdaq Composite Index was up 199 points to close at 11,512. Gold was down $12 to trade at $1,930 per ounce, while oil was up $.90 to trade at $ 81.05 per barrel WTI.
Time after time we are seeing shares of reporting companies fall after the release only to rally into the green during the trading session. We still have many big names to report over the next 2 weeks and then add to that a Fed meeting next week. First let’s see how things finish out for the week.
Have a nice evening everyone.
