At first glance, and business news headlines might lead you to believe, it was a really good day for stocks. Well, it was a really good day for a few stocks that inhabit the Dow Jones Industrial Average (30 stocks), namely 3M, Caterpillar and McDonalds- all which had good earnings releases. Boeing, who’s earnings come out tomorrow was the other winning Dow component. Other than that it was a very quiet day. The S&P 500, a much broader based index was up only slightly. Again, not a bad day, but the Dow somewhat distorted the true picture.
By the close, the aforementioned Dow Jones Industrial Average was up 167 points to finish the day at 23,441. The S&P 500 was up 4 points to close at 2,569. Gold was down $2 to trade at $1,278 per ounce, while oil was up $.58 to trade at $52.48 per barrel WTI.
As illustrated with a few of those very large cap Dow components, earnings season is off to a very good start. Not only are many companies beating earnings estimates, but many are also guiding analysts higher in the forecast for coming quarters. Today is centered around big industrial names, but banks have acted well and even retail is showing signs of life. We’ll keep you up to date on the corporate earnings scorecard this week and next. Stay tuned.
Have a nice evening everyone.
Stay Strong Houston.