Friends
The PPI number came in a little better than expected which helped take the pressure off of stocks, although the bears did try to press the situation early in the trading session. But the bulls did step in and did some buying to move stocks higher by the close. We will now turn our attention to earnings starting with the big banks tomorrow including JP Morgan Chase, Wells Fargo, Citigroup, and financial behemoth Black Rock.
As for today, by the close the Dow Jones Industrial Average was down 2 points to finish the day at 38,459. The S&P 500 was up 38 points to close at 5,198. The Nasdaq Composite Index was up 271 points to close at 16,442. Gold was up $33 to trade at $2,382 per ounce, while oil was down $.60 to trade at $85.61per barrel WTI.
As mentioned, we kick off earnings season tomorrow. Over the coming weeks we’ll get a look at Corporate America’s report card. Stocks are priced pretty expensively going in but at least we’ve seen a little cooling off over the last week or two which could improve the setup for stock prices. First, let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
Jim
