As Greece seems to be “solved” for the moment, and China “controlled” for the moment, traders were able to focus today on corporate earnings, and so far they haven’t been too bad. Oh sure, we know that the dollar is hurting our multinational corporations, but other than that we seem to be surprising to the upside (but it’s still early). This first full week of earnings reports featured the banks, and JP Morgan, Bank of America, and Citi all surprised to the upside. Wells Fargo was ok, but Goldman Sachs did disappoint.
As for stocks, the averages continued to climb back towards all-time highs. For the day, the Dow Jones Industrial Average was up 70 points to finish the day at 18,120. The S&P 500 was up 16 points to close at 2124. Gold was down $3 to trade at $1143 per ounce, while oil was down $.43 to trade at $50.98 per barrel WTI.
We’ll keep an eye on the CPI number tomorrow, and along with consumer confidence and housing starts. The Philly Fed number today was much less than expected, so “the things are slowing” crowd continue to get confirmation from recent data. We’ll let you know how the week finishes up tomorrow.
Have a nice evening everyone.