It was a mixed start to the new month. The Dow and the S&P were able to post modest to decent gains while the Nasdaq dipped into negative territory for the day. Remember, we had all those big tech earnings reports last week and it seems that Nasdaq is continuing to struggle with expectations, results and valuation when it comes to earnings of the past big tech leaders.
As for today, by the close the Dow Jones Industrial Average was up 238 points to finish the day at 34,113. The S&P 500 was up 11 points to close at 4,192. The Nasdaq Composite Index was down 67 points to close at 13,895. Gold was up $23 to trade at $1,791 per ounce, while oil was up $.84 to trade at $64.42 per barrel WTI.
The good news for the bulls is that there always seems to be some sector that is able to carry the water for the market averages. For a few years it was just a handful of stocks that did all the heavy lifting. Now most days, we seem to get a broad range of contributing participants. Let’s see how the month of May gets out of the gate this week.
Have a nice evening everyone.