Stocks seesawed back and forth today as the economic news was uninspiring (the CPI was a little hotter than expected and the Empire State Manufacturing Index weaker than expected) and the Russia/Ukraine news was somewhat disturbing. Nevertheless after an up morning, followed by a Ukraine inspired fall in the midday (the Dow was down more than 100 points and the NASDAQ was down more than 1 ¾ %), stocks finished nicely to the upside. Volatility has returned, but we’ll take it if the strength is at the close. Remember, the negative pattern we were dealing with where stocks seemed to fall every afternoon after rising early in each session.
As for today, by the close, the Dow Jones Industrial Average was up 89 to finish the day at 16,262. The S&P 500 was up 12 to close at 1842. Gold was down $24 to trade at $1303 per ounce, while oil was down $.53 to trade at $103.52 per barrel WTI.
Look for earnings to continue to move individual issues, Coca-Cola and Johnson & Johnson to the upside today. Expectations have been lowered going into earnings season (weather related), so we’ll see if companies can surprise, like some have done early in the reporting season. We’ll keep you up to date.
Have a nice evening everyone.