Stocks were quietly positive for most of the trading session today, as traders seem to be waiting for the beginning of earnings season to get more involved. After a nice opening, we experienced the dreaded drift and by the close had coasted back toward the flat line. Remember, expectations have been somewhat lowered as this earnings season begins, so reactions to the releases should be interesting to watch.
When it was all said and done, the Dow Jones Industrial Average was down 5 points to finish the day at 17,875. The S&P 500 was down 4 points to close at 2076. Gold was down $8 to trade at $1210 per ounce, while oil was up $1.62 to trade at $53.76 per barrel WTI.
Alcoa will kick off earnings season tomorrow after the close, and then we will be off and running. As mentioned, market participants seem to be a bit tentative as we enter this round of earnings. Perhaps a few positive surprises will arouse the animal spirits. Stay tuned.
Have a nice evening everyone.