Despite the onslaught of lukewarm earnings reports (and subsequent muted guidance by managements in company conference calls), stocks refused to give much ground in today’s trading session. On the economic front the PMI Manufacturing Index came in a little less than expected, and New Home Sales were somewhat disappointing. Stocks drifted in negative territory for most of the session, but once again the bears were unable to do much damage.
By the close, the Dow Jones Industrial Average was down 12 points to finish the day at 16,501. The S&P 500 was down 4 points to close at 1875. Gold was up $3.80 to trade at $1284 per ounce, while oil was down $.30 to trade at $101.45 per barrel WTI.
We’ll continue to monitor the earnings calendar, keeping an eye on how stocks react to their reports. For those always claiming the market or a particular stock is overvalued or undervalued, just watch the shares of your favorite stock after their earnings report. The market will let you know what is overvalued or undervalued.
Have a nice evening everyone.