A restructuring deal announced by GE this morning, which includes an enormous stock buyback, seemed to spark the animal spirits just a bit as stocks enjoyed a nice day of gains. Of note is that the Dow recaptured the 18,000 level and the S&P was able to close above 2100 once again. So, for all the hand wringing about the Fed and potential weak corporate earnings reports, stocks look to be trying to work their way higher.
As for today, by the close the Dow Jones Industrial Average was up 98 points to finish the day at 18,057. The S&P 500 was up 10 points to close at 2102. Gold was up $14 to trade at $1208 per ounce, while oil was up $.96 to trade at $51.75 per barrel WTI.
Earnings season begins in earnest next week. We’ll let you know how it all unfolds. In the meantime keep a look out for our quarterly update which you should see Monday, and of course the hard copy will be included in your quarterly statements that you’ll receive next week.
Have a great weekend everyone.