Friends
The big news of the day was the announcement of the White House’s tax reform framework, and it seemed that market participants were more interested in trying to figure out how a new tax plan might affect them than trading stocks. The market averages were positive for most of the day, but slipped into negative territory at the end of the trading session.
By the close, the Dow Jones Industrial Average was down 21 points to finish the day at 20,975. The S&P 500 was down 1 point to close at 2,387. Gold was up $3 to trade at $1,270 per ounce, while oil was down $.22 to trade at $49.34 per barrel WTI.
We won’t bother trying to get into details of the tax plan as it is way too early for that, and, quite frankly, there really aren’t a lot of details. On the earnings front, we saw some consumer staples companies like Pepsi and Proctor report today, and though the numbers seemed fine, the shares struggled. A good example of a group that may have been fully priced heading into the earnings report. Plenty more earnings over the next couple of days, so the focus will likely be on earnings as the week plays out.
Have a nice evening everyone.
