Friends
Better than expected earnings reports from financial giants J P Morgan Chase and Citigroup helped set a positive tone at the opening bell this morning as stocks rocketed to early morning gains. As the day and trading session wore on many of those gains disappeared, but the bulls were able to scratch out some gains in the end.
For the day, the Dow Jones Industrial Average was up 39 points to close at 18,138. The S&P 500 was up a fraction to finish the day at 2132. Gold was down $5 to trade at $1,252 per ounce, while oil was down $.10 to trade at $50.34 per barrel WTI.
Troubled Wells Fargo also had earnings this morning which weren’t as impressive as Chase or Citi, but their problems stem from other issues. On the economic front the retail sales figure came in about as expected and was a solid number all in all. The PPI did tick up a bit also, which should please the Fed as they desperately hope to see some inflation.
We’ll get earnings season kicking into full gear next week and of course we have another presidential debate next week, so I wouldn’t be surprised if the recent volatility that we’ve seen continues. We’ll check in with you next week.
Have a great weekend everyone.
