Once again, it is still early in earnings season, but traders seem impressed by the early returns, as results for financials and tech companies have been better than expected and the shares of these companies seem to not have been overpriced after all. It’s too early for the bulls to proclaim victory, but the bears have to be concerned at this point, as they thought share prices were overvalued regardless of whether results were going to be good or bad.
Stocks enjoyed another nice day of gains, as the Dow Jones Industrial Average was up 77 points to close at 17,138. The S&P 500 was up 8 points to finish the day at 1981. Gold was up $1 to trade at $1298 per ounce, while oil was up $1.41 to trade at $101.37 per barrel WTI.
We are done with Ms. Yellen’s Congressional testimony, so perhaps, if we don’t have an overseas blowup, we can focus on corporate earnings and economic data for the next couple of weeks. We’ll let you know if the case for the bulls continues to build, or will the bears find something they can sink their teeth into?
Have a nice evening everyone.