More good earnings reports and more good economic data couldn’t move stocks higher today as traders seem to be hesitant to put new money to work at these levels. On the other hand, market participants seem comfortable with what they do have in the markets. We sure aren’t seeing any wholesale type of selling at this point. So, despite an impressive earnings season, stocks appear to have mainly priced it in.
As for today, by the close the Dow Jones Industrial Average was down 185 points to finish the day at 33,874. The S&P 500 was down 30 points to close at 4,181. The Nasdaq Composite Index was down 119 points to close at 13,962. Gold was down $1 to trade at $1,766 per ounce, while oil was down $1.55 to trade at $63.46 per barrel WTI.
Can you believe 1/3 of 2021 is already in the books? It’s been a good year for stocks so far. Will we get the sell in May and go away adage as we move into late Spring, or are the bulls going to be emboldened by the economic surge that we are experiencing? Stay tuned.
Have a great weekend everyone.