For the second day in a row stocks reacted positively to earnings reports, whether good or not. That is a theme that the bulls would like to see develop. With lowered expectations perhaps we’ll get investors thinking “well those earnings aren’t as bad as expected, and there’s no place else to put my money”. It’s early yet, but maybe that theme is developing.
Anyway, by the close, the Dow Jones Industrial Average was up 75 points to finish the day at 18,112. The S&P 500 was up 10 points to close at 2106. Gold was up $10 to trade at $1202 per ounce, and oil soared as WTI was up $2.64 to trade at $55.93 per barrel.
Despite the calls for the demise of oil and oil related shares, so far those stocks are now mostly trading positive for the year. Is this a mere dead cat bounce, or have we put in a bottom in oil prices? Obviously, it is way too early to know. In the meantime, let’s continue to monitor corporate earnings and how stocks react to the reports.
Happy Tax Day everyone.