Stocks were biding time for most of the trading session, with a slight bias to the upside, when word came during the last hour of trading that the EU may have delivered some trade concessions to President Trump. Stocks rallied nicely on the news and finished strong into the close.
For the day, the Dow Jones Industrial Average was up 172 points to close at 25,414. The S&P 500 was up 25 points to close at 2,846. Gold was up $6 to trade at $1,231 per ounce, while oil was up $.81 to trade at $69.33 per barrel WTI.
The earnings parade continues and the percentage of companies beating expectations continues to be extremely high. We are getting some cautious guidance going forward, as we did from Boeing this morning, but that is not unexpected given the uncertainty about the trade situation. If today’s news from the EU is a sign of things to come, a huge headwind could be removed from the markets path. Let’s see just what the concessions are and continue to monitor this earnings season.
Have a nice evening everyone.