Holy moly, what a rally! Once again, despite lingering concerns about the coronavirus and it’s likely effects on global growth, stocks fueled by central bank liquidity surged higher today. Corporate earnings have been decent so far. For instance, Clorox had a great day after a nice report, yet Google stumbled just a bit. Of course, most of these shares already are trading at bloated multiples, so it’s not surprising that share price movement is mixed. We get a look at Disney’s earnings after the close today.
As for the market averages, after a 500 point midday climb, by the close the Dow Jones Industrial Average was up 407 points to finish the day at 28,807. The S&P 500 was up 48 points to close at 3,297. Gold was down $24 to trade at $1,557 per ounce, while oil was down $.39 to trade at $49.72 per barrel WTI.
Along with additional corporate earnings reports, we’ll get the ADP private payroll number tomorrow and the non-farm payroll number on Friday. Of course, coronavirus headlines could interrupt this party at any moment, and then there’s politics. We’ll have a very odd/uncomfortable State of the Union address tonight. And, with regards to the Democrats and their Iowa caucus, well…
Have a nice evening everyone.