Good Earnings Little Reaction

Friends

Despite good earnings reports from the likes of J. P. Morgan Chase and Citigroup, stocks were basically undecided by the close today. We did have a nice rally taking place at midday, but confusion about the China deal and simple buying exhaustion led to stocks giving up all of those gains.

By the close, the Dow Jones Industrial Average was up 31 points to finish the day at 28,938. The S&P 500 was down 5 points to close at 3,282. Gold was down $3 to trade at $1,546 per ounce, while oil was up $.31 to trade at $58.39 per barrel WTI.

As mentioned, the buying has been so fast and furious over the past months, it’s actually nice to see market participants take a bit of a breather. Let’s get a couple of weeks of earnings behind us and maybe we can make a case for stocks going higher. Of course we’ve got politics and impeachment to deal with in the interim. Stay tuned, we’ll keep you informed.

Have a nice evening everyone.

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