Market participants decided that yesterday’s dip in stock prices created a bit of a buying opportunity, or we just saw a bit of a technical bounce off of yesterday’s action. Either way, stocks were able to erase some of the losses from the previous two trading sessions.
By the close, the Dow Jones Industrial Average was up 186 points to finish the day at 28,722. The S&P 500 was up 32 points to close at 3,276. Gold was down $8 to trade at $1,568 per ounce, while oil was up $.44 to trade at $53.58 per barrel WTI.
We get some big earnings reports after the close today including Starbucks and Apple. Tomorrow, we get the conclusion of the 2 day FOMC meeting. The markets are not expecting anything of consequence to come from this meeting, but we’ll see what Chairman Powell has to say. In the meantime, we’ll continue to monitor earnings which have been mixed at best, but virus headlines still could determine short term moves in stocks for the remainder of the week. Stay tuned.
Have a nice evening everyone.