Stocks continued to add to last week’s gains with the market averages hitting new all-time highs. It was a quiet and calm advance with stocks mainly holding the gains achieved in the first hour of trading for the balance of the trading session.
For the day, the Dow Jones Industrial Average was up 114 points to close at 27,462. The S&P 500 was up 11 points to finish the day at 3,078. Gold was down $1 to trade at $1,510 per ounce, while oil was up $.31 to trade at $56.51 per barrel WTI.
Most of the big names have reported, but we still have hundreds of companies that will report earnings this week. But, with a good portion of earnings now reported, it appears that despite little or no earnings growth, shares of many reporting companies were already pricing in flattening earnings. On the economic front we’ll get ISM non-manufacturing data tomorrow and consumer sentiment on Friday. Let’s see how the week plays out. Stay tuned.
Have a nice evening everyone.