Friends
Despite all of the hand wringing over the inflation numbers and today’s awful consumer sentiment data, stocks managed to avoid too much damage for the week. We’ve used the term resilient for some time now when referring to the stock market and this week was another good example of the market’s resilience.
As for today, by the close the Dow Jones Industrial Average was up 179 points to finish the day at 36,100. The S&P 500 was up 33 points to close at 4,682. The Nasdaq Composite Index was up 156 points to close at 15,860. Gold was up $2 to trade at $1,866 per ounce, while oil was down $.78 to trade at $80.81 per barrel WTI.
Big pharma and consumer goods company Johnson & Johnson announced that they would split the company into two pieces, one being the pharmaceutical business and the other being the consumer products business. It worked for Abbott Labs years ago so it will be interesting to see in coming years how this one plays out. That was the biggest story of the day after a week of big economic and inflation news. Let’s see what next week has in store for us. Stay tuned.
Have a great weekend everyone.
