Friends
It was a mixed trading session today, with the Dow hanging onto small gains while the S&P and the Nasdaq struggled. The big growth winners from last year experienced the most selling pressure today. We saw good earnings from a handful of big banks as Goldman, J P Morgan and Wells all delivered good numbers. Goldman and Wells were winners with J P Morgan shares selling off a bit.
As for the today’s numbers, by the close the Dow Jones Industrial Average was up 53 points to finish the day at 33,730. The S&P 500 was down 16 points to close at 4,124. The Nasdaq Composite Index was down 138 points to close at 13,857. Gold was down $11 to trade at $1,736 per ounce, while oil was up $2.71 to trade at $62.90 per barrel WTI.
The other big news of the day was the cryptocurrency company Coinbase coming public today. The stock traded well above its offering price and well below its high for the day. The company does a good job giving investors a relatively easy way to buy cryptocurrencies like Bitcoin, but the valuation is off the charts. Oh well, welcome to today’s markets and valuations.
Have a nice evening everyone.
