Despite the disastrous earnings release and subsequent bloodletting in the shares of Facebook, stocks actually held up pretty well today. The results were mixed, but disaster was averted. Besides the continuous and mostly fantastic stream of earnings reports, we get our first look at 2nd quarter GDP tomorrow morning. Analysts expect the number to come in at 4% or even better, so it will be interesting to see how both bonds and stocks react if the number is outrageously higher or surprisingly lower.
As for today, by the close the Dow Jones Industrial Average was up 112 points to finish the day at 25,527. The S&P 500 was down 8 points to close at 2837. Gold was down $9 to trade at $ 1,222 per ounce, while oil was up $.30 to trade at $69.60 per barrel WTI.
It’s been an interesting week already, and tomorrow promises to be the icing on the cake. Stay tuned.
Have a nice evening everyone.