April 13, 2018

The markets closed lower as several banking companies weighed down the major indices on the final day of an otherwise strong week for equities.  Citigroup, Wells Fargo and J.P. Morgan Chase all reported quarterly earnings and revenue that surpassed expectations.  Bank shares initially traded higher before falling, as the strong results were already priced into the market.  Expectations for this earnings season are high, with SP500 earnings forecast to have grown by 17.1% last quarter.  Investors will continue to eye earnings as they pick up next week as they weigh geopolitical concerns with Syria and trade war concerns with China.  At the end of the day, the markets did close in the red:

DOW  -122 at 24360
SP500   -7 at 2656
NASDAQ    -33 at 7106

10 Year Treasury closed flat basis points to yield 2.83%
Oil prices closed +.21 at 67.16 a barrel
Gold prices closed +6.40 at 1348.30 an ounce