Stocks were sporting nice gains this morning, but by midday those gains had dissipated, and stocks spent that last couple of hours of trading in negative territory. Earnings continue to impress given the gloom and doom we entered this earnings season under. Of course, the bar was set pretty low, so it isn’t really that difficult to beat expectations. Nevertheless, the cratering of corporate earnings hasn’t happened yet.
As for today, by the close the Dow Jones Industrial Average was down 90 points to finish the day at 30,333. The S&P 500 was down 29 points to close at 3,665. The Nasdaq Composite Index was down 65 points to close at 10,614. Gold was down $3 to trade at $1,630 per ounce, while oil was up $.16 to trade at $85.71 per barrel WTI.
It’s been a pretty good week for stocks given the terrible sentiment that persists at the moment. Sure, corporate earnings might get worse over the next couple of quarters but so far Corporate America has battled the inflationary environment admirably. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.