We have a very busy week ahead of us. First of all, we have a plethora of earnings reports to review, as well as a full calendar of economic data. On the economic front, we have a Fed meeting that begins tomorrow and wraps up on Wednesday. In addition to the Fed meeting, we get a look at Case-Shiller tomorrow along with Consumer Confidence, and then we have our first look at 2nd quarter GDP on Wednesday along with the ADP Employment report. If that wasn’t enough, we get weekly jobless claims on Thursday and then the all-important non-farm payroll number on Friday. You can mix in Personal Income and Spending, PMI Manufacturing and the ISM Manufacturing Index on Friday, too.
As for today’s action, after a rather ugly sell-off in the early part of the session, stocks recovered in afternoon trading to post modest gains by the close. For the day, the Dow Jones Industrial Average was up 21 points to finish the day at 16,982. The S&P 500 was up less than a point to close at 1978. Gold was up $1 to trade at $1305 per ounce, while oil was down $.48 to trade at $101.61 per barrel WTI.
Market participants will have a lot to chew on as the week unfolds. By the end of the week, we’ll have a clearer view on this latest earnings season, the second quarter GDP and the jobs situation. We’ll let you know how traders react to all the data and any additional global developments.
Have a nice evening everyone.