Friends
Stocks took a peek above the 23,000 mark on the Dow, retreated a bit, then made a final push but came up just a hair short. It was a juicy day for earnings, starting with Netflix yesterday after the close then stellar reports from J&J, Morgan Stanley and Goldman Sachs. Not all stocks reacted the same to their company’s report. The shares of J&J soared, while Goldman Sachs sold on the good news. Thus the intricacies of earnings season, and why despite the fact that earnings look like they will be fine, how stocks react is up for grabs.
By the close, the Dow Jones Industrial Average was up 40 points to finish the day at 22,997. The S&P 500 was up 1 point to close at 2,559. Gold was down $15 to trade at $1,287 per ounce, while oil was up $.06 to trade at $51.93 per barrel WTI.
Most of the earnings of the big financials have now been released, and the results for the most part were very good. Now we will start to see earnings from industrials, staples, technology and others as we move into the next couple of weeks. We’ll let you know what the score card looks like as we move along. Stay tuned.
Have a nice evening everyone.
Stay Strong Houston
Go Astros
