A couple more good reports from major money center banks and another good day for stocks. Also helping was a better than expected Empire State Manufacturing number which had been lagging other regions of the country, and a hotter, but expected PPI number. After Monday’s shellacking, market participants seem a little more interested in getting involved again in this New Year. It was encouraging for the bulls to see some follow through from yesterday.
By the close, the Dow Jones Industrial Average was up 108 points to finish the day at 16,481. The S&P 500 was up 9 to close at 1848. Gold was down $4 to trade at $1241 per ounce, while oil was up $1.84 to trade at $94.43 per barrel WTI.
Corporate earnings will likely set the tone on a day to day basis. The last two days have produced some decent reports. Let’s see how the rest of this week plays out and then the rest of earnings season over the next couple of weeks.
Have a nice evening everyone.