While individual stocks continue to be whipsawed by earnings releases, the market averages continue to climb towards new all-time highs. Even after the negative reaction to the shares of market giant Amazon after its earnings release, stocks stayed firm and added to early gains as the trading session wore on.
By the close, the Dow Jones Industrial Average was up 152 points to finish the day at 26,958. The S&P 500 was up 12 points to close at 3,022. Gold was up $2 to trade at $1,507 per ounce, while oil was up $.47 to trade at $56.70 per barrel WTI.
As big an earnings week this was, next week is even bigger. We’ll hear from Apple, Google (Alphabet), Walgreens, Kellogg, Cummins, Merck, Baker Hughes, Altria, Bristol-Myers, Clorox, Exxon Mobil and Chevron, just to mention a few. Add to the earnings palooza an FOMC meeting next week, with the chance that the Fed will cut rates with the announcement on Wednesday. I feel that there will be one more rate cut this year, but I’m not convinced it will happen at next week’s meeting. So, we have a lot to chew on over the weekend. Let’s get the Astros back on track, and we’ll be back at it tomorrow.
Have a great weekend everyone.