Friends
Today’s trading session was a lot like yesterday’s – up early, a selloff, a big rally, another selloff, and then a drift into the close. The Dow once again did better than both the S&P and the Nasdaq. Yes, individual shares are responding to earnings reports, but the market in general has become more volatile on an intra-day basis.
By the close, the Dow Jones Industrial Average was up 140 points to close at 26,392. The S&P 500 was up 1 point to close at 2,839. Gold was down $11 to trade at $1,344 per ounce, while oil was down $.45 to trade at $65.16 per ounce WTI.
Today’s stellar earnings reports belonged to Caterpillar, MMM and United Technologies. The common theme there is that they are all large cap industrial names. Union Pacific was the loser for the day as fuel prices pushed 4th quarter expenses higher than had been expected by analysts. While the market swings back and forth we’ll continue to keep an eye on corporate earnings- the true valuation measuring sticks.
Have a nice evening everyone.
