Word that trade talks with China could be progressing helped jump start a small rally in stocks on this last trading day of July. After an initial surge, the bulls must be disappointed in the late afternoon fade which gave back a good chunk of the gains. The big news will come after the bell when Apple releases its earnings report.
By the close, the Dow Jones Industrial Average was up 108 points to finish the day at 25,415. The S&P 500 was up 13 points to close at 2,816. Gold was up $2 to trade at $1,233 per ounce, while oil was down $1.38 to trade at $68.75 per barrel WTI.
The Fed wraps up the 2 day FOMC meeting tomorrow, but no one is expecting any movement on rates to result from this meeting. As we enter August and the dog days of summer, the economy is strong and corporate earnings are good. But, with the loss of leadership of the FANG stocks, we seem to have a market that is a bit lost at sea. Let’s see how August begins tomorrow.
Have a nice evening everyone.