It’s been a week for deals, as today we got word of the Iranian deal. I won’t go into whether this is a good thing for the U.S. or not (we’ll let the political ramifications play out over time), but most thought that oil would sell off on the news, seeing that the sanctions would be lifted on Iranian oil. On the contrary, oil rallied shortly after news of the deal. Could be another case of the bad news was already in the price. We shall see.
As for stocks, by the close the Dow Jones Industrial Average was up 75 points to finish the day at 18,053. The S&P 500 was up 9 points to close at 2108. Gold was down $1 to trade at $1154 per ounce, while oil was up $.63 to trade at $52.83 per barrel WTI.
On the earnings front, money center banks JP Morgan and Wells Fargo had decent earnings, as did Johnson & Johnson (if you factored out the negative toll the strong dollar took on this quarter’s results). Market participants know that the dollar is going to hurt those companies that derive sales overseas. How much of that is factored in to today’s share prices will be interesting to see.
Have a nice evening everyone.