As China lowered their reserve requirements over the weekend (more QE/stimulus), stock futures perked up and set us up for a positive opening as the week began. Basically, stocks recovered the losses that they incurred on Friday, but remember this week and next are busy weeks for earnings so expect some volatility as the week unfolds. These last two trading days are indicative of the price action so far in 2015. Lots of movement, but no real direction.
As for today, the Dow Jones Industrial Average was up 208 points to close at 18,034. The S&P 500 was up 19 points to finish the day at 2100. Gold was down $8 to trade at $1194 per ounce, while oil was up $.47 to trade at $56.21 per barrel WTI.
In addition to a plethora of earnings reports, this week’s economic calendar includes housing data on Wednesday, weekly jobless claims and PMI manufacturing on Thursday, and durable goods on Friday. All in all, a light economic calendar so the attention should be on earnings this week, unless we get more central bank news or something new out of Greece, of course. We’ll let you know how the week unfolds.
Have a nice evening everyone.