The bulls were able to keep the party rolling as earnings season continues. The story seems to be that despite somewhat lackluster results from many of the companies that have already reported, expectations had been ratcheted down enough so that any disappointment is somewhat muted. Stocks spent much of the trading session dancing above the 100 point plus gain level for the Dow, but gave back a little of the mojo in the last half hour.
By the close, the Dow Jones Industrial Average was up 65 points to finish the day at 16,514. The S&P 500 was up 7 points to close at 1879. Gold was down $3 to trade at $1285 per ounce, while oil was down $2.24 to trade at $102.13 per barrel WTI.
As mentioned yesterday, we are getting a plethora of earnings releases this week. Will the trend continue, or will market participants begin to hold these earnings to a higher standard (some actual revenue growth)? Let’s see how the week unfolds. The bulls have been controlling the play for a week now.
Have a nice evening everyone.