Things got off to a somewhat quiet start for the week as stocks spent the day in positive territory, but with no real conviction. On the economic front Leading Indicators came in a little better than expected pointing to possible accelerating growth in the next six months. Stocks should take their cue from a very busy week of earnings. We’ll see who the winners and losers are.
As for today, the Dow Jones Industrial Average was up 40 points to finish the day at 16,449. The S&P 500 was up 7 points to close at 1871. Gold was down $4 to trade at $1289 per ounce, while oil was down a fraction to trade at $104.31 per barrel WTI.
The bulls are coming off their best week of the year, but I would guess that a good week of earnings will be needed to keep that momentum going. We’ve pointed out that expectations have been lowered, but after a decent start, the most recent reports have been mixed. We’ll monitor the earnings results and the subsequent market reactions as the week unfolds.
Have a nice evening everyone.