Friends
Stocks added on to yesterday’s gains and even though it was a struggle, after several attempts the bears were unable to wash away the bulk of those gains. It is very early, but the few companies that have reported earnings have at least been able to avoid any disasters, and stocks are priced for disasters. The big banks all have had acceptable reports and today Johnson & Johnson’s numbers were fine. There are likely to be some landmines out there, but at least corporate America’s reporting season is off to a decent start.
By the close, the Dow Jones Industrial Average was up 337 points to finish the day at 30,523. The S&P 500 was up 42 points to close at 3,719. The Nasdaq Composite Index was up 96 points to close at 10,772. Gold was down $7 to trade at $1,656 per ounce, while oil was down $2.28 to trade at $83.18 per barrel WTI.
With the Fed on hold for a few weeks and new inflation data weeks away investors are focused on earnings and future guidance from corporate leaders. We’ll let you know what the corporate earnings report card looks like as this earnings season unfolds. Stay tuned.
Have a nice evening everyone.
